Clairvest denies Wakayama IR plan was unclear

The company has closed its offices in Wakayama but says it will look for other investment opportunities in Japan.

Japan.- Clairvest Neem Ventures, the company that was to partner with Wakayama on its IR bid has responded after the Wakayama Prefectural Assembly rejected plans to develop an integrated resort.

Responding to suggestions that fundraising for the project was unclear, the company said it had signed letters of intent with 10 companies for more than JPY550bn. Clairvest also pointed out that Credit Suisse had helped the company draft a high-confidence letter outlining the viability of the financing plan. 

The first option to develop an IR in the city was Suncity Group, but last May the company withdrew from the process due to uncertainty caused by the impact of the Covid-19 pandemic. This left Clairvest Group as sole contender. 

The company intended to raise JPY470bn (US$4.09bn) to invest in the proposed integrated resort, which the prefectural government hoped to open by 2026. According to Yoshinobu Nisaka, governor of Japan’s Wakayama Prefecture, could have created 14,000 new jobs and helped increase the flow of tourists in the city.

Nisaka has expressed hopes that the IR plans could be resurrected. Meanwhile, Clairvest has closed its offices in Wakayama but says it will look for other investment opportunities in Japan.

Nisaka said: “The prefecture should take a second chance to apply to the national government. The prefectural assembly voted against the plan, but most of them are in favour of IR. They are only against the specific plan and the group behind it.”