Nagasaki prefecture still hopeful of IR approval

Authorities believe there is still a chance of getting approval from Japan’s national government.

Japan.- The government of Nagasaki Prefecture has said it remains optimistic about the approval of its integrated resort (IR) proposal by the national government. In the prefectural assembly’s first question-and-answer session in its current session, which runs from June 9 to July 4, officials said they believed the IR will be approved.

Nagasaki submitted its IR District Development Plan alongside Osaka’s last year, but while Osaka’s has been approved, Nagasaki’s proposal is still being evaluated by the Japan Tourism Agency and the Ministry of Land, Infrastructure, Transport and Tourism.

The prefecture has outlined a fundraising goal of JPY438.3bn (US$3.8bn) for a project located at the Huis Ten Bosch theme park in Sasebo with Casinos Austria International Japan as its partner. It had wanted to open the IR by 2027.

Financial arrangements for the scheme involved institutions including Credit Suisse, CBRE, and Cantor Fitzgerald Securities Japan Co. However, some concerns have been raised about the consortium’s stability.