U.S.-based financial services company Cantor Fitzgerald and investment bank Credit Suisse have expressed an interest in serving as “financial arrangers” for a proposed integrated resort (IR) in Nagasaki, Japan.
The Japanese government first approved legal casinos in December 2016. After a six-year lag, made longer by the pandemic, the central government is set to approve up to two IRs by the end of the year.
Nagasaki has partnered with Casinos Austria to develop a multibillion-dollar IR at Huis Ten Bosch, a Dutch-themed amusement park in Sasebo City. Osaka also submitted a proposal for an IR, along with its partners MGM Resorts International and Orix Corp.
Cantor’s involvement and that of Credit Suisse was announced by Nagasaki Governor Kengo Oishi, according to GGRAsia.
The financial institutions could be involved in “80 percent of the equity part” for the IR and also organize a loan. At a September 2 meeting, Oishi said the firms have provided “commitment letters” expressing their intent.
Cantor Fitzgerald had previously been mentioned as a possible financial services provider for an IR in Japan’s Wakayama Prefecture. In April, Wakayama withdrew from the IR race after its prefectural assembly rejected the plan.
In related news, a citizen’s group has filed a lawsuit in the Nagasaki District Court asking the governor to stop spending public money on the IR campaign.
As reported by the Nagasaki Shimbun, a group called “Stop the Casino Nagasaki Prefectural Network” filed a complaint asserting that Oishi hired a law firm and other IR advisors to the tune of JPY110 million (US$761,500).
