Nagasaki casino funding “should not be affected” by Credit Suisse sale
Nagasaki governor Kengo Oishi says the change of hands will not affect funding for the planned integrated resort.
Japan.- Nagasaki governor Kengo Oishi has said that funding for a planned casino resort “should not be affected” by the sale of Credit Suisse Group to UBS Group in a CHF3bn (US$3.25bn) emergency rescue brokered by the Swiss government.
Oishi said the prefecture has gathered information from Casinos Austria International Japan Inc, Kyushu Resorts Japan and advisors. Credit Suisse has previously said it was interested in acting as a financial arranger for Nagasaki’s integrated resort (IR) project.
Oishi has previously suggested that Credit Suisse, together with Cantor Fitzgerald could participate in the 80 per cent equity portion of the financing and also arrange loans for a portion of the funds for the IR.
Nagasaki is one of two cities that have submitted bids to develop IRs in Japan. It has chosen Casinos Austria International Japan Inc as partner for its bid and expects the IR to open in 2027. The expected cost for development is JPY438.3bn (US$3.8bn), including JPY175.3bn in equity costs.
JPY1.52bn (US$11.4m) has been allocated in the 2023 budget, with JPY427.7m for its IR promotion division, a 147 per cent increase from the 2022 budget.