GGRAsia – Wakayama, Clairvest Neem to draft IR plan by end Nov

Wakayama, Clairvest Neem to draft IR plan by end Nov

Sep 16, 2021 Newsdesk Japan, Latest News, Top of the deck

The Japanese prefecture of Wakayama and Clairvest Neem Ventures Co Ltd, its chosen commercial partner for a mooted casino resort there, plan to produce by the end of November a draft development plan for the integrated resort (IR) scheme (pictured in an artist’s rendering), as large-scale tourism complexes with gaming are known in that nation.

The news was given on Wednesday, following enquiries to the local authorities from members of the prefectural assembly, during a scheduled question-and-answer session. That is according to information collated by GGRAsia’s Japan correspondent.

By the end of December, the development plan will be updated, taking into account feedback from respectively members of the public, the Wakayama city authorities, and the prefectural assembly, following a period of consultation on the scheme.

Then in February next year, the prefecture will establish agreements with Wakayama city and the prefectural public safety committee, and seek a vote of approval from the prefectural assembly regarding the plan, according to GGRAsia’s correpondent.

Under the current national policy timetable, April 28, 2022 is the deadline for local authorities to submit their respective casino resort plans to Japan’s national government. Up to three resorts will be permitted under the liberalisation plan.

The Wakayama prefectural government announced in late August it had signed what was termed a basic agreement with the consortium led by Clairvest Neem Ventures.

The latter firm is a subsidiary of Clairvest Group Inc, a Canada-based private-equity management firm. The Japan venture led by the firm, was confirmed in July by the Wakayama authorities as the business partner for the prefecture’s tilt at hosting a casino resort.

Clairvest’s proposal for the Wakayama IR scheme is estimated to have an “initial investment” worth JPY470 billion (US$4.3 billion). According to corporate materials published on the prefecture’s website, the project would have 569,000 square metres (6.12 million sq feet) in gross floor area. The scheme is to be built on an artificial island called Marina City.

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 of Clairvest in its Wakayama scheme, according to a Clairvest announcement made in June.