Ask Morgan Stanley analysts who’s leading the race to be involved in one of the first three integrated resorts (IR) in Japan, and they’ll say that it’s a toss-up between two U.S. companies. The brokerage firm asserts that MGM Resorts and Las Vegas Sands are the two prime contenders and that either one could ultimately be chosen to oversee operations at a resort in Osaka, one of the principle locations being considered for an IR.

The Osaka prefecture’s government, as well as Osaka city’s government, began accepting initial applications from potential casino partners in late April. The initiative is designed to determine who is interested in launching a venue in Osaka so that authorities can begin the daunting task of selecting a partner.

Several casino operators from around the world have expressed their interest in the Osaka project, which is planned for Yumeshima Island on Osaka Bay. In addition to MGM and Las Vegas Sands, Melco Resorts and Entertainment and Wynn Resorts have thrown their names into the hat. Wynn Resorts may be at a disadvantage due to the issues the company has had to face because of its founder’s alleged sexual improprieties.

Las Vegas Sands has operations in an Asian country that could prove beneficial when Osaka starts reviewing bids. The company is behind Marina Bay Sands in Singapore and Japanese lawmakers have designed their gambling framework after that of the city-state. In addition, Sands has been very proactive in helping to expand MICE (meetings, incentives, conferences and exhibitions) options in other areas where it operates, including Las Vegas and Macau, which could be viewed very favorably by Japanese authorities.