Nagoshi Studio, the Tokyo studio started by Yakuza creator Toshihiro Nagoshi, has been formally dissolved without ever releasing a game. Its debut title, Gang of Dragon, has not been cancelled, but nobody has said who would finish it.
The company was wound up by a shareholders’ resolution on 31 October. The notice appeared on Monday in Kanpo, Japan’s official gazette, and it was the last step in a story that had been building since spring.
Gematsu was first to report the notice. The studio had been set up in Shinjuku in November 2021 under NetEase Games. In March, staff were told NetEase would stop paying for Gang of Dragon from May, as VGC reported at the time, and the studio reportedly had the option to go independent if it could pay its own way out. NetEase had reportedly concluded the game needed another 7 billion yen, about $44.4 million, to be finished, and Nagoshi was said to be looking for other backers without success.
A game still listed on Steam
The game was unveiled at The Game Awards in December 2025: an action adventure set in Tokyo’s Kabukicho district with actor Ma Dong-seok as a Korean gangster. Its Steam page is still up for PC, with no release date.
Neither NetEase nor Nagoshi has commented on what happens to the work already done. The studio is one of several that NetEase has closed or dropped as it scales back game development outside China, a list that includes T-Minus, FPC, Bad Brain, Worlds Untold and Jar of Sparks.
