Wakayama-backed $4.3 billion casino plan

Yoshinobu Nishaka, governor of Japan’s Wakayama Prefecture, confirmed at a press briefing on Wednesday that the local government has chosen a venture tied to Canada-based private equity management firm Clarevest Group as a business partner with an interest in attracting the prefecture’s casino resorts. The local government has also provided some details about the plan. In Japan, casino complexes are known as integrated resorts (IRs).

According to corporate data released on the current website, the Clarevest Nim Ventures proposal (artist’s rendering photo) is estimated to have an “initial investment” worth 470 billion yen ($4.3 billion).

The plan will cover a total floor area of 569,000 square meters (6.12 million square feet). The plan, which will be built on an artificial island called the Marina City, will have about 2,700 hotel rooms, casinos, an “international conference” venue that can accommodate a total of 6,000 people, and exhibition spaces as well as several tourist facilities including e-sports and “indoor skydiving.”

Wakayama authorities confirmed to GGRAsia in mid-May that Clarebest was the only competitor to the county’s proposal request process after Sun City Holdings Japan Inc’s withdrawal notice.

Wakayama rated ClareBest’s offer at 656 out of 1,000, according to data released by the prefecture on Wednesday. The offer from Suncity Holdings Japan Inc. received a score of 720. The latter company is connected to entrepreneur Alvin Chow-Chukwah, president of privately owned Macau junket investor Suncity Group.

The Wakayama government approved ClareBest Nem, making it the first private IR partner identified by a Japanese municipality.

Local governments interested in attracting casino resorts must first select a commercial partner and apply for a lien for the facility to the national government concerned. Under the relevant legislative system, up to three resorts will be allowed in Japan.

Wakayama said in an update on Wednesday that it would apply for certification as a casino resort host area by April 28, 2022.

Clarebest’s business proposal anticipated the launch of the Wakayama Casino Resort project in “Autumn 2027.

BY: 슬롯사이트

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