Concerns continue around Wakayama IR funding
A prefectural assembly committee has warned that funding for the proposed integrated resort is “still unclear”.
Japan.- A Wakayama prefectural assembly committee tasked with reviewing the community’s disposition an integrated resort has expressed concern that planning and fundraising for the project remain unclear.
The statement reads: “Unfortunately, the committee has to say that the plan is still unclear in details and is not convincing as to the fundraising.”
Despite doubts, the committee has agreed that the Wakayama Prefectural Government can go ahead with a public consultation on its IR plans to take feedback from members of the public, city authorities, and the prefectural assembly. Public hearings were postponed as information on funding and the structure of the winning consortium was still pending.
Canada’s Clairvest Neem Ventures Co Ltd, Wakayama’s IR partner, has an agreement with Caesars Entertainment. However, the US company said it would be a “no capital commitment” partner.
The planned initial investment in the IR development is JPY470bn (US$4.3bn). The Wakayama Prefectural Government hopes to open the integrated resort by 2026. It must submit its area development plan to the national government for approval by April 28, 2022.
