During the earnings call, MGM (MGM) management noted that over 40% of the foundation piles have been installed or completed. In addition, the first concrete floor has been poured, and the first structural steel has been erected. Notably, MGM Resorts (MGM) expects to be the sole licensing and operator in Japan upon opening. With pilling, concrete and steel now in place, the project starting to take more recognizable space.
"The population and visitation metrics are massive, as we've discussed, Japan has over 120 million residents and hosts over 40 million international visitors annually," highlighted CEO William Hornbuckle.
The company anticipates funding for Japan this year to be approximately $200M to $225M after investing $140M in the first quarter. Much of it will be addressed with proceeds from the yen-denominated credit facility MGM (MGM) closed last October, which the company said means it is prefunded for this year.

Looking ahead, Texas Capital analyst David Bain estimates that MGM Resorts' (MGM) Japan integrated resort should be valued at $9 per share.

Shares of MGM Resorts (MGM) were up 1.1% in premarket trading after the Q1 earnings report was released postmarket on Thursday.
Source: https://seekingalpha.com/news/4582825-mgm-resorts-is-on-track-to-have-the-only-casino-resort-in-japan-in-four-years