MGM Resorts International plans to invest approximately $1 billion annually in its MGM Osaka integrated resort project in 2027 and 2028, as Japan development and potential share repurchases emerge among the company’s main capital allocation priorities over the next few years.
Speaking on the company’s third-quarter 2026 earnings call, Chief Financial Officer Jonathan Halkyard said MGM had invested approximately JPY114 billion ($722 million) in the project so far. The company expects to contribute another JPY150 billion to JPY160 billion ($950 million to $1 billion) in each of the next two years, completing its funding commitments.
The investment will be financed through MGM’s available cash and free cash flow. The remaining funding for the overall $10 billion development will come from Japanese partner ORIX Corp and the joint venture’s yen-denominated bank facility.
“We are coming upon two years of investment in our Japan project at a billion dollars per year, and we do that enthusiastically just because of the returns we think are associated with that project,” Halkyard said.
“As we look at the opportunities before us, it’s going to be Japan, it’s going to be repurchases, and we think those are the two most important and remunerative ways to use our capital,” he added.
Halkyard described MGM Osaka as an “over-equitized project” that would likely open with approximately two times leverage. MGM expects to refinance the development shortly after its scheduled 2030 opening, potentially allowing the company and ORIX to repatriate some funds.
Meanwhile, MGM’s Macau subsidiary continued to report strong operating performance, achieving a record quarterly market share of 17.1% in the third quarter, partly supported by favourable gaming hold. Its market share reached 19.2% in September, with MGM President and CEO Bill Hornbuckle saying the positive trends had continued into October.