Wakayama: Clairvest partners with two companies for IR bid
The Wakayama Prefectural Government announced Clairvest Neem Ventures’ consortium as its IR partner after Suncity Group’s withdrawal from the contest.
Japan.- Clairvest Neem Ventures has partnered with Groupe Partouche SA and AMSE Resorts Japan Co as part of its proposed IR development in Wakayama.
Groupe Partouche SA is a french casino operator while AMSE is a company connected to William Weidner, former president and CEO of Las Vegas Sands.
Jeff Parr, vice chairman and managing director of Clairvest Group, said the consortium’s proposed IR would help Wakayama recover after the Covid-19 pandemic. Parr praised the expertise of both companies.
Wakayama prefecture accepted a consortium headed by the Canadian private equity firm Clairvest Neem Ventures last week.
The prefecture was left with little choice after Suncity Group, the only other contender, withdrew from the process last month due to uncertainty caused by the impact of the Covid-19 pandemic.
At first, Wakayama’s governor expressed doubts about the possibility of moving forward with one IR contender.
He said: “If it is very unlikely that the area development plan we propose to the national Government will pass, then we will not select this operator.”
According to Wakayama prefecture’s policy, the IR development must create a symbolic landmark and be technologically advanced, including MICE facilities covering 50,000 square meters and a casino comprising no more than 3 per cent of the entire area.
Last week, Bill Hornbuckle, MGM president and CEO said he thinks Nagasaki and Wakayama may not be able to meet the national government’s requirements in terms of non-gaming facilities at IRs.
