GGRAsia – Clairvest vetted and affirmed as Wakayama IR partner

Clairvest vetted and affirmed as Wakayama IR partner

Jul 21, 2021 Newsdesk Japan, Latest News, Top of the deck

The Wakayama prefectural government in Japan announced on Tuesday that after a vetting process it had approved a consortium led by Clairvest Neem Ventures Co Ltd as its partner for a tilt at a casino resort development, or integrated resort (IR) as they are known in that country.

Wakayama city’s government and the prefecture’s Public Safety Commission found no deficiencies in the Clairvest-led consortium and its proposal, the prefecture’s IR Promotion Office confirmed GGRAsia. The consortium was the only contender for the request-for-proposal (RFP) process instituted by the local authorities.

Clairvest Neem Ventures is a subsidiary of Clairvest Group Inc, a Canada-based private-equity management firm. The Japan venture led by the firm became the sole suitor for a Wakayama IR, after a notice of withdrawal filed in May from Suncity Holdings Japan Co Ltd, a firm linked to entrepreneur Alvin Chau Cheok Wa, boss of privately-held Macau junket investor Suncity Group Ltd.

Clairvest’s proposal for the Wakayama integrated resort scheme is estimated to have an “initial investment” worth JPY470 billion (US$4.3 billion). French casino operator Groupe Partouche SA, and AMSE Resorts Japan Co Ltd – the latter a company linked to former casino executive William Weidner – are partners to the Clairvest’s Wakayama scheme, according to Clairvest’s announcement made in June.

Local authorities in Japan interested in hosting an integrated resort must first select a commercial partner, and then apply to the national government for the right to have one. Up to three resorts will be permitted in Japan under the relevant legislation framework.

In its Tuesday announcement, Wakayama prefectural government stated that it would prepare an area development plan for the casino resort jointly with Clairvest’s consortium, and apply to the national government by April 28, 2022. That date is also the deadline for local authorities to submit their respective casino resort plans to Japan’s national government.