The Wakayama prefectural committee charged with reviewing the region’s integrated resort (IR) plan say they need more details to properly assess the proposal. Wakayama must file its IR bid with the Japanese central government by April 28.
Committee members said the plan as submitted is “still unclear,” particularly in terms of the funding.
“Unfortunately, the committee has to say that the plan is still unclear in details and is not convincing as to the fundraising,” stated an announcement from the Integrated Resort Special Committee after its third meeting on February 7. GGRAsia reports that the meeting lasted seven hours.
“The committee strongly demands the prefecture [government] show the certainty of the fundraising in the next, i.e. fourth, committee meeting,” the statement continued.
Despite questions, the committee agreed to allow a public comment period on the IR to go forward. In December, an assembly member had urged that Wakayama not start the public consultation phase until the financing was clear. A budget of JPY470 billion (US$4.07 billion) has been mentioned previously.
Wakayama has chosen Canadian investment firm Clairvest Group as its IR partner. According to Inside Asian Gaming, Clairvest would hold a 55 percent stake in the property while U.S. casino giant Caesars Entertainment Corp. would hold a 5 percent interest, with 40 percent to be held by other investors. In September, Caesars was announced as the casino operator, though the company said at that time it would make no economic investment in the project.
Pending national government approval, the goal is to open the integrated resort in the fall of 2027, Wakayama said.
