Clairvest’s Proposed Wakayama IR Project Gets Another Partner
Caesars Entertainment Inc. has a massive presence in the U.S gambling market. The operator is now looking to establish itself in Japan as it has partnered with Clairvest Neem Ventures KK’s development and operating consortium. This consortium is looking to secure a license and build a multi-billion dollar casino in Wakayama, Japan.
Caesars Entertainment released a press statement that they would be joining the consortium but it would not be putting any capital in to the project just yet.
Caesars CEO Tom Reeg said he was very happy with their partnership with Clairvest Neem Ventures and believes they would be able to work well together to create a special location for the Kansai region.
According to Eddie Woo, representative director of Clairvest Neem Ventures, both Clairevest and Caesars have a common vision for the future of the Japanese Integrated Resort (IR) program. The construction of this resort would help enhance the economic recovery from the COVID pandemic by encouraging tourism and also by boosting local employment so that the economy in Wakayama gets boosted.
Clairvest Neem Ventures was the consortium that won the recent bid for the proposed creation of an integrated resort in the Wakayama area. Integrated resorts are mainly casinos matched with resort locations and loads of non-gambling activities.
While Clairevest is the main entity in the consortium, French casino operator Groupe Partouche SA and AMSE Resorts Japan Co Ltd are two of the other main players. Some of the other participants in the consortium are noted individuals in the gambling world.
They include former casino executive William Weidner, who was a former president and CEO of Las Vegas Sands Corp. There is also Mario Ho Yau Kwan, who has links to the Macau gaming industry. Another big name is Garry Saunders, former COO of Melco Resorts and Entertainment Ltd and also associated with Las Vegas Sands.
Clairvest, a Canadian private equity firm finalized its deal with Wakayama authorities in July and is expected to submit a draft development plan for the IR scheme by November 2021. The Caesars brand has been trying to get into the Asia market for years now. It started when they tried to turn a Macau gold course into a casino project but had to sell it in 2013. The operator has also tried to enter South Korea deciding to pull out this year. This time around it looks like Caesars will be able to get in on the Japanese casino market with this new partnership.