Katana's immersive theme park in Odaiba lasted two years — ¥6.9B in losses

Katana took its biggest bet to Tokyo: Immersive-Fort Tokyo, billed as the world's first theme park composed entirely of immersive experiences — theatre, attractions and shops staged around you. It opened in March 2024 in a limited-term use of the former VenusFort site in Odaiba, some 30,000 square metres re-used as-is from the mall that had ended operations there.

The business case assumed crowds split 70/30 between casual 'light' visitors and committed 'deep' visitors. The reality was inverted: the light visitors who were supposed to spend on food and merchandise never came in force, while deep visitors stayed long and capped how many bodies the park could turn over. A renewal on 1 March 2025 bet the park entirely on deep experiences with per-attraction ticketing — and still did not produce the numbers.

Katana booked a net loss of ¥5,546 million in FY2024 and ¥1,307 million in FY2025, with impairments in both years. On 25 December 2025 the company announced the end: after the pivot to deep experiences, the facility's scale no longer fit the business model, and results had deviated greatly from the initial plan. The final day of operations was 28 February 2026 — two years.