GGRAsia – Japan govt non-approval for Nagasaki IR plan: reports

Japan govt non-approval for Nagasaki IR plan: reports

Dec 27, 2023 Newsdesk Japan, Latest News, Top of the deck

Japan’s national government has decided not to approve Nagasaki prefecture’s development proposal for an integrated resort (IR) with casino, reported on Wednesday several Japanese media outlets, quoting sources they did not identify.

According to the reports as reviewed by GGRAsia’s Japan correspondent, the Japan Tourism Agency – under the country’s Ministry of Land, Infrastructure, Transport and Tourism – is due formally to announce the “non-approval” decision later on Wednesday.

Nagasaki’s proposal was being assessed under a process coordinated by the agency and the ministry.

In mid-May the authorities in Nagasaki prefecture told GGRAsia – in response to our enquiry – that they had no insight on the timing of the national government’s decision regarding their application to host a casino resort.

Nagasaki submitted its proposal in April 2022, the same time as Osaka prefecture sent in its own bid. Osaka’s plan was approved in April this year by the national authorities, with just under 66 percent of the available assessment points.

Nagasaki had mentioned a fundraising target of JPY438.3 billion (US$3.07 billion at current exchange rates) for its scheme, due to be on land at the Huis Ten Bosch theme park (pictured in a file photo), in Sasebo. Casinos Austria International Japan Inc was identified as a commercial partner in the venture.

The prefecture of Nagasaki had said that the “financial arrangers” for the project included Credit Suisse AG, CBRE, and Cantor Fitzgerald Securities Japan Co Ltd. Several commentators on Japan’s casino legalisation process had raised questions about who precisely was behind the investment proposal for the Nagasaki project, their financial experience, and their knowledge of casino operations.