US real estate company may be involved in Nagasaki IR funding
It’s been reported that US commercial real estate services and investment firm CBRE Group Inc is involved in financing of Nagasaki’s IR project.
Japan.- CBRE Group Inc, a US commercial real estate services and investment firm, is reported to be involved in funding Nagasaki’s JPY438.3bn (US$3.8bn) integrated resort project. That’s according to documents submitted to Sasebo City Council and seen by local media outlets.
The Sasebo City Council convened a steering committee to discuss the project on Tuesday. The IR regional development plan will also be discussed at a special session of the Nagasaki Prefectural Assembly before being submitted to national authorities.
Full details of who will provide funding have yet to be announced, but the equity portion is expected to be JPY175.3bn, of which 60 per cent will come from Casinos Austria International Japan, 30 per cent from other foreign companies and 10 per cent from Japanese companies.
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.
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.
Currently, only three cities are expected to bid for licences: Nagasaki, Osaka and Wakayama. That means all three could win their bids.
A few weeks ago, local media reports reported the US-based Bally’s Corp wanted to develop an integrated resort in Fukuoka. However, the mayor of the city has reportedly said he is not interested in hosting an IR.
