Wakayama and Clairvest sign IR agreement
The Wakayama Prefectural Government has signed a basic agreement with Clairvest Neem Ventures’ consortium for the development of an integrated resort.
Japan.- Wakayama has become the first prefecture in Japan to sign an agreement with a private operator in order to make its bid to host an integrated resort.
Almost a month after approving Clairvest Neem Ventures’ consortium as its partner for the planned integrated resort, The Wakayama prefectural government has signed a basic agreement with the group.
The agreement contemplates the establishment of an IR company, confirms the integrity procedures to be adopted by the consortium and mentions procedures for the maintenance of the consortium’s ethical integrity.
The Wakayama prefectural government has asked the consortium to refine its proposal, strengthen its implementation plan, and cooperate with local companies.
In June, Clairvest was left as the only IR bidder in Wakayama after Suncity Group withdrew due to uncertainty caused by the impact of the Covid-19 pandemic.
Clairvest has partnered with Groupe Partouche SA and AMSE Resorts Japan Co to form a consortium for its bid. Groupe Partouche SA is a French casino operator. AMSE is a company connected to William Weidner, former president and CEO of Las Vegas Sands.
The initial investment in the IR development will be JPY470bn (US$4.3bn). The Wakayama Prefectural Government hopes to open an integrated resort by 2026. It must submit its area development plan to the national government for approval by April 28, 2022.
