Wakayama and Clairvest to present IR development plan by November

Clairvest was selected as Wakayama's IR partner.
Clairvest was selected as Wakayama's IR partner.

The Wakayama Prefectural Government and its partner Clairvest Neem Ventures’ consortium have announced a timetable for a draft IR development plan.

Japan.- Wakayama is moving ahead with its bid to host an integrated resort, announcing that it will submit a draft plan by November.

The Prefectural Government, which has partnered with a consortium led by Clairvest Neem Ventures, will then hold a public consultation to take feedback from members of the public, city authorities, and the prefectural assembly before submitting an updated development plan by the end of December. 

In February next year, the prefecture hopes to reach an agreement with the Wakayama City and the prefectural public safety committee and seek approval from the prefectural assembly on the plan.

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.

In this article:
Clairvest Neem Ventures integrated resorts