Wakayama Open Session On IR Economic Plan From Nov. 25

Japan’s Wakayama Prefecture will hold 14 public hearings from Nov. 25 to Dec. 5 to discuss and explain to locals the draft resort comprehensive development plan and related matters.

The continuation of the gathering was announced on Tuesday. In Japan, a large casino complex with facilities for sightseeing and gatherings is called an Integrated Resort (IR).

At a meeting of the Wakayama Prefectural Council’s IR Special Committee on Oct. 8, current representatives said the Wakayama-selected consortium needed ClareBest Nim Ventures KK, an umbrella for developing and operating casino resorts, to show the possibility of setting up a special purpose company by Nov. 25 and raising the funds needed for the project.

If not, the prefecture will not proceed with the process of applying to the state for a casino resort bid, the commission said, according to information gathered by GGRA’s Japan correspondent.

U.S.-based casino operator Caesars Entertainment, which had long been interested in establishing itself in Asia, announced on Sept. 29 that it would join a consortium of ClareBest Nim Ventures. Caesars Entertainment, however, said it had “no commitment to capital investment.”

All lawmakers who spoke at the Oct. 8 committee meeting asked about the consortium’s real status and capabilities, including its ability to raise 470 billion yen ($4.1 billion) for the plan (artist’s rendering photo).

On Oct. 1, the Japanese government held an application period for local governments to host casino resorts and announced the weights to be given when applying. The application period is until April 28 next year.

Under the liberalization program, up to three resorts will be allowed nationwide. Currently, only two communities, Osaka and Nagasaki, except Wakayama, are competing to hold large-scale IR events.

BY: 파친코

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