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    8591   JP3200450009

ORIX CORPORATION

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ORIX : MGM resorts, Orix submit proposal to build first casino in Japan

07/21/2021 | 07:13am EDT
FILE PHOTO: The Bellagio hotel and casino is seen along the Las Vegas strip

(Reuters) - U.S. Casino operator MGM Resorts International and partner Orix Corp have submitted a proposal to build their first casino resort in Japan, the financial services group said on Wednesday.

The proposal to develop a casino complex at Osaka will be reviewed by regulatory authorities and an operator will be selected at a later date, Orix said in a filing with the U.S. Securities and Exchange Commission. (https://bit.ly/3xXUKSh)

Last year, a consortium comprising MGM and Orix was selected
as the sole qualified applicant for the development of the Osaka resort. https://reut.rs/3iBAPlT

MGM Resorts International will spend 1 trillion yen ($9.08 billion) to build the resort, the Wall Street Journal reported earlier on Wednesday. (https://on.wsj.com/3wPYt2R)

Japan, which legalized gambling in 2018, is planning to approve several integrated resorts that include casinos, shopping arcades and conference centres, similar to ones in Las Vegas, to boost tourism after the Tokyo Olympics.

($1 = 110.1200 yen)

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2021
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Analyst Recommendations on ORIX CORPORATION
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Financials
Sales 2022 2 384 B 21 674 M 21 674 M
Net income 2022 265 B 2 409 M 2 409 M
Net Debt 2022 6 036 B 54 865 M 54 865 M
P/E ratio 2022 9,89x
Yield 2022 3,66%
Capitalization 2 608 B 23 733 M 23 706 M
EV / Sales 2022 3,63x
EV / Sales 2023 3,38x
Nbr of Employees 33 153
Free-Float 94,4%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 2 165,50 JPY
Average target price 2 179,17 JPY
Spread / Average Target 0,63%
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Managers and Directors
Makoto Inoue President, Group CEO & Director
Hitomaro Yano Executive Officer & General Manager-Finance
Shuji Irie Director & General Manager-Business Investment
Eiko Tsujiyama Independent Outside Director
Nobuaki Usui Independent Outside Director
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