'Osaka To Delay Opening Of Casino Resort To Autumn 2030' - Japan Times
Portfolio Pulse from Happy Mohamed
The Osaka prefectural and municipal governments have announced a delay in the opening of a planned casino resort to autumn 2030, a year later than initially planned. The delay is due to the plan not receiving central government approval until April 2023. The initial investment will also increase to ¥1.27 trillion from ¥1.08 trillion due to rising construction material costs. The resort will be constructed and operated by a company led by MGM Resorts International and Japan's Orix.
September 05, 2023 | 1:42 pm
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NEGATIVE IMPACT
The iShares MSCI Japan ETF (EWJ) could be indirectly affected by the delay in the Osaka casino resort's opening, as it could impact the overall performance of the Japanese market.
The delay in the casino resort's opening could potentially impact the overall performance of the Japanese market, which in turn could affect the performance of the iShares MSCI Japan ETF (EWJ). However, the impact is likely to be indirect and less significant compared to the direct impact on MGM Resorts International.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
MGM Resorts International, part of the consortium to construct and operate the delayed Osaka casino resort, may face increased costs due to the delay and rising construction material prices.
The delay in the casino resort's opening and the increase in construction costs could lead to higher expenses for MGM Resorts International, which is part of the consortium constructing and operating the resort. This could potentially impact the company's short-term financial performance.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100