Prefectural committee gives its approval to Wakayama IR plans

The Wakayama Prefectural Government has confirmed it has approval from a special committee to put forward its proposal for an integrated resort in the city.

Japan.- A special prefectural committee has given its OK to Wakayama’s intention to apply to host an integrated resort. The decision was taken after Wakayama’s governor called on the prefectural assembly to hold a special meeting to approve the proposal amid concerns on how the IR would be funded.

The Wakayama casino proposal still requires a plenary vote at the Wakayama Prefectural Assembly.

Wakayama Prefecture’s selected partner to host the casino resort, Clairvest Neem Ventures, has revealed it has received letters of interest from nine potential investors and four financial services firms. The latter includes Cantor Fitzgerald and Hanwha Investment & Securities Co.

The Wakayama Prefectural Government hopes to open the integrated resort by 2026

Japan’s prime minister reaffirms position in favour of IRs

Prime minister Fumio Kishida has reiterated his belief that opening up a casino industry in Japan could boost inbound tourism as the country finally looks to attract foreign tourists following the Covid-19 pandemic.

Meanwhile, Tetsuo Saito, Japan’s minister of land, infrastructure, transport and tourism has said the government will set up a panel of experts to review plans submitted by prefectures that want to host IRs. The panel will include consideration of economic benefit calculations, prospects for the financial stability of such schemes, and certainty of funding.