Wakayama gets first nod to submit IR bid to national govt

Mar 30, 2022 Newsdesk Japan, Latest News, Top of the deck  

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Wakayama City Council in Japan has voted in favour at a Wednesday meeting, of the Wakayama local government submitting its casino integrated resort (IR) plan to the national government.

The Wakayama prefectural assembly must also nod the plan for the metropolis (pictured), before it can be sent for scrutiny by the national authorities.

Wakayama’s proposal – contained within its IR District Development Plan – was finalised at the end of March.

Under it, Wakayama’s intended private-sector partner, Clairvest Neem Ventures KK, will be responsible for raising the JPY470-billion (US$3.82-billion) cost of the scheme.

April 28 is the closing date for local governments to submit pitches to the national government for the right to host a casino resort. Up to three will be allowed nationally, under the existing liberalisation programme. Currently, Nagasaki and Osaka are also likely to submit a respective application for a casino resort.

The national government requires IR District Development Plans to include documentation as evidence of ability to raise funds for such schemes. Such paperwork should be in the form of what is referred to as “commitment letters”, regarded by the Japanese authorities as legally binding in relation to certain conditions.

But the Wakayama prefectural government has decided to interpret letters of intent as sufficient evidence for the viability of the Wakayama casino resort project.

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