Wakayama: Clairvest presents IR plans

Clairvest Neem Ventures’ consortium has presented its IR plans to Wakayama Prefectural Government.

Japan.- Clairvest Neem Ventures’ consortium has presented its integrated resort plans to the Wakayama Prefectural Government.

In June, authorities accepted Clairvest as its IR partner after Suncity Group, the only other contender, withdrew from the process due to uncertainty caused by the impact of the Covid-19 pandemic.

The latest presentation was attended by 40 out of 42 prefectural assembly members and two project managers from Clairvest Group.

When asked why the company had chosen Wakayama, Clairvest responded: “If you just want to play in a casino, Osaka is good, but if you’re thinking of an integrated resort, Wakayama has more potential.”

In June, Clairvest 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 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.

The Wakayama Prefectural Government hopes to open an Integrated Resort by 2026. The area development plan to submit for national government approval must be formulated by April 28, 2022.

According to the 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.