Japan: Wakayama remains optimistic about IR bid

After Suncity Group’s withdrawal, Clairvest Neem Ventures remains the only candidate for Wakayama's IR bid.
After Suncity Group’s withdrawal, Clairvest Neem Ventures remains the only candidate for Wakayama's IR bid.

Wakayama prefecture is expected to make a decision on Clairvest’s IR proposal in the following weeks.

Japan.- Wakayama’s IR bid continues to be at risk after Suncity Group’s decision to pull out, but the prefecture remains confident the city will advance with its sole remaining contender: Clairvest Group.

Wakayama in a similar situation as Osaka, which is also down to one contender for its IR bid – MGM-Orix.

Wakayama’s governor Yoshinobu Nisaka said: “It is not ideal that there is only one company and we just choose them or don’t. 

“If it is very unlikely that the area development plan we propose to the national Government will pass, then we will not select this operator.”

Two weeks ago, the Wakayama IR Promotion Council had urged Wakayama prefecture to take a decision as soon as possible on its preferred private partner for its IR bid. It was due to name its IR partner back in April.

Wakayama prefecture will analyse Clairvest’s proposal in the following weeks, although authorities said that if the company does not meet requirements, the prefecture’s IR plans could be pushed back by a few years.

So far, Nagasaki seems to be the city with the best chance of gaining one of Japan’s planned three licences to develop integrated resorts. The prefecture has selected three operators as potential partners for its bid. A final candidate is likely to be selected in August.

As for Yokohama,  Galaxy Entertainment has pulled out of the RFP process as the business climate had been “exacerbated by the Covid-19 pandemic.”

After the withdrawal of Galaxy Entertainment, four companies remain interested in developing an IR in Yokohama: Genting Singapore Limited, Melco Resorts & Entertainment Limited, Sega Sammy Holdings and Shotoku.

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CLAIRVEST integrated resorts Suncity Group