Nagasaki prefectural assembly to vote on final draft of IR plan
The Nagasaki Prefectural Assembly will vote on the final draft of the IR District Development Plan tomorrow (April 20).
Japan.- The Nagasaki Prefectural Government has announced it will vote on the final draft of the IR District Development Plan tomorrow (April 20).
Last Tuesday, the Sasebo City Council convened a steering committee to discuss the project and finally approved the plan. The proposed development is expected to cost JPY438.3bn (US$3.8bn), including JPY175.3bn in equity costs.
Last week, CBRE Group Inc, a US commercial real estate services and investment firm, was reported to be involved in funding the IR project, but the Plan only mentions Nagasaki’s private sector partner Casinos Austria International Japan as an equity investor. Of the total cost, JPY263bn will come from debt. No mandated lead arrangements have been identified in the published documents.
Casinos Austria International Japan is expected to complete the financing in April. The Nagasaki Prefectural Government has previously said it expects the IR to open in 2027 and to generate annual gross gaming revenue (GGR) of JPY150bn (US$1.37bn), assuming it gains a licence.
The cities interested in developing an integrated resort must submit an application to the national government before April 28.
Bally’s Corp seeks to enter Japan IR contest with casino resort in Fukuoka
It’s been suggested that a new city could enter the contest to develop an integrated resort in Japan. US-based Bally’s Corp has revealed it wants to develop an integrated resort in Fukuoka, on the northern shore of Japan’s Kyushu Island. That would mean a fourth location joining Nagasaki, Osaka and Wakayama in a contest for up to three IR licences.
Bally said it has plans for a JPY480m (US$3.9bn) IR that would include 2,000 hotel rooms and a 15,000-square-meter (161,459-square-foot) casino. It said the complex could serve about 4.6 million customers a year, most of them domestic, with an estimated annual gross profit of JPY71bn.
However, the mayor of Fukuoka has reportedly said he is not interested in hosting IRs in the metropolis.
