Nagoshi Studio Is Officially Dissolved as of October 31, Ending Ma Dong-seok’s Gang of Dragon Before It Ever Got Close to Shipping

The proverbial writing has been on the wall for some time, but it's now official: Nagoshi Studio has been shut down for good. The game development studio based in Shinjuku, Tokyo, was dissolved by a shareholders' resolution on October 31, as reported in the Japanese government's Kanpo Gazette.

The studio was established in November 2021, following the departure of its titular founder, Toshihiro Nagoshi, from SEGA earlier that year. However, the studio was unveiled only in January 2022, when we learned that the developer had been created with funding from NetEase.

Nagoshi Studio's debut game, Gang of Dragon, was presented at The Game Awards 2025. Clearly inspired by Nagoshi's previous work on the Yakuza series, it featured renowned actor Ma Dong-seok, who played Shin Ji-seong, a high-ranking member of a Korean crime syndicate based in Kabukicho, the iconic nightlife district of Shinjuku.

In the narrative, Shin would have become entangled in underworld conflicts and forged intense human connections that would push him to confront his own sense of purpose. Combat would have focused on Shin's overwhelming physical power. Players would have engaged enemies through brutal hand-to-hand strikes, precise blade attacks, gunplay, and high-impact vehicle action across the city.

However, NetEase eventually cut funding to most of the studios it had helped raise, such as:

Roughly the same thing happened to Nagoshi Studio. Back in late April, the YouTube channel and the Gang of Dragon's debut trailers were taken offline, a huge hint of the studio's closure. For some reason, though, the Steam page is still up.

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