It's official: Nagoshi Studio is gone. The studio founded by Yakuza creator Toshihiro Nagoshi has been dissolved by shareholder resolution, and things look grim for Gang of Dragon. We saw it coming, but it still stings.

Nagoshi Studio: dissolution confirmed in the official gazette

According to a notice in Japan's official gazette Kanpo, published on November 2, 2026, Nagoshi Studio's shareholders voted to dissolve the company on October 31, 2026. A liquidator is now winding the company down, and creditors have two months to file their claims. That makes the end of Nagoshi Studio formal.

Nagoshi Studio was founded in November 2021 in Shinjuku, Tokyo, as a subsidiary of NetEase Games, and officially announced on January 24, 2022. Before that, Toshihiro Nagoshi spent decades at Sega, where he shaped the Yakuza series with Ryu Ga Gotoku Studio, including Yakuza: Like a Dragon.

What happens to Gang of Dragon?

The studio's only project was Gang of Dragon. The action-adventure was revealed at The Game Awards on December 11, 2025, and is set in Shinjuku, with actor Ma Dong-seok starring as Shin Ji-seong. Its Steam page for PC is still live. Back in March 2026, Bloomberg reported that NetEase would pull funding in May, after learning the game still needed around ¥7 billion (roughly $44 million) to finish.

Gang of Dragon hasn't been officially cancelled yet. But with no studio and no NetEase money behind it, a release is hard to imagine. Whether Nagoshi starts something new remains to be seen. Here's the Game Awards trailer one more time:

Our take on Nagoshi Studio shutting down

This one hurts for anyone who loves Yakuza and Like a Dragon: Infinite Wealth. A Shinjuku crime game starring Ma Dong-seok from the man behind Kiryu sounded like a dream. NetEase has cut ties with a string of studios in the West and in Japan lately, and Nagoshi Studio is sadly the latest. What do you think: could Gang of Dragon have matched Yakuza?