Wakayama Releases Final Version Of IR Proposal And Opens Public Hearings
- Wakayama intends to build a JPY470 billion casino resort in partnership with Clairvest Neem Ventures KK
- The final version will now undergo public hearings before being submitted to the national government
- Multiple investors including Mario Ho are backing this project
The final version of Wakayama Prefecture’s plans to host an integrated resort (IR) in its capital city has now been released.
Wakayama’s IR District Development Plan will now go through public hearings and must be voted by the Wakayama’s prefectural assembly before being forwarded to Japan’s national government for approval.
IR Plans Led by Canadian Firm Clairvest Neem Ventures KK
The details of Wakayama’s final IR plan are mostly derived from the draft version which was published back in February. The draft proposals went through a public consultation process, the results of which were also released on Friday alongside the final version of the plan.
Under Wakayama’s IR proposal, the JPY470 billion ($3.82 billion) needed to build the casino resort will be raised by Canadian company Clairvest Neem Ventures KK which earlier announced Ceasars Entertainment Inc as a partner in the proposed project.
While some assembly members initially raised doubts over Clairvest Neem’s capability to gather the funds, the company was able to provide relevant documentation to prove that it can gather the necessary funds to implement the IR plan.
Apart from Wakayama, two other cities are also expected to submit their casino resort proposals, Osaka and Nagasaki. The Prefecture Assembly in Osaka recently ratified a JPY1.08 trillion ($9.1 billion) IR plan presented by MGM Resorts and Japanese financial services company Orix. The proposed casino resort will be located on Osaka’s Yumeshima Island.
Meanwhile, the Nagasaki Prefecture will hold public hearings on a draft plan to build a casino resort in Sasebo’s Huis Ten Bosch theme park. The proposal involves JPY438.3 billion in funds which will be raised through loans and investments. Nagasaki plans to complete all processes, including securing the prefectural assembly’s approval for the draft proposal and publishing the final version by the end of March.
The prefectures of Wakayama, Osaka, and Nagasaki have until April 28 to submit their proposals to the national authorities.
Wakayama Secures Backing from Multiple Investors
Wakayama’s draft proposal was approved by the assembly in a special committee meeting two weeks ago.
During the meeting, a representative from Clairvest Neem, Mario Ho Yau Kwan, presented letters of intent from multiple investors that had expressed interest in the IR project, nine are equity investors, while four are financial services companies, including the Hanwha Investment & Securities Co and Cantor Fitzgerald. Ho also promised to invest his own money in the project.