With the recent pullout of a group of investors from plans to develop the area around Universal Studios Japan, there are growing concerns among potential investors that Osaka's hopes for a USJ-led economic revival face a serious setback.
The city envisions the theme park, scheduled to open in spring 2001, as the centerpiece for the redevelopment and economic revitalization of the bay area.
In addition to the park, in which the city has a 25 percent stake, Osaka plans to encourage construction of support facilities and hopes to convince high-tech businesses to relocate to the surrounding area. Last year, two private consortiums, one led by Sanwa Bank and the other by Sumitomo Shoji, drew up plans to develop the area surrounding the park.