Nagasaki governor Kengo Oishi, who last year described Credit Suisse Group AG as one of several potential “financial arrangers” for a proposed casino resort project within that Japanese prefecture, said on Monday his authority would “collect information” regarding the planned sale of the bank to UBS Group AG in a CHF3-billion (US$3.25-billion) deal, and “how it affects the fundraising plan” for the Nagasaki scheme.
“Things should be different after Credit Suisse is acquired by UBS,” Mr Oishi mentioned to local media in his Monday remarks, according to information collated by GGRAsia’s Japan correspondent.
Prior the proposed UBS acquisition of Credit Suisse, Reuters news service had reported on March 9 – citing as sources three people it said were familiar with the matter – that Credit Suisse had cut most of the 20-plus jobs at its investment banking division in Japan. Nonetheless Mr Oishi in Friday comments had been upbeat about Nagasaki’s IR prospects.
On Monday the governor stated: “The prefecture is steadfast in the policy to try having an IR. The prefecture is going to make its best effort to make it happen.”
In February, Nagasaki prefecture allocated just under JPY1.52 billion (US$11.4 million) in its draft budget for fiscal year 2023 beginning in April for its pursuit of an IR.
In September comments, the Nagasaki governor had mentioned United States-based financial services company Cantor Fitzgerald and commercial real estate service and investment firm CBRE Group – as well as Credit Suisse – as having interest in being the financial arrangers for a local tilt at hosting an integrated resort with a casino. The project has been earmarked at a site of the Huis Ten Bosch theme park in Sasebo city (pictured).
A figure of JPY438.3 billion (US$3.34 billion at current exchange rates) has been mentioned for the fundraising for the Nagasaki scheme. Commercial partners identified for the scheme include Casinos Austria International Japan Inc.
Nagasaki in April last year submitted an IR District Development Plan to the national government regarding its casino tilt. Its proposal – as well as another by the metropolis of Osaka with MGM Resorts International as an operating partner, and submitted at the same time – remains in the hands of the national authorities, pending review.
According to GGRAsia’s Japan correspondent, Nagasaki has not publicly clarified further the specifics of any funding for a Nagasaki IR.
