Wakayama governor calls for extraordinary meeting to seek IR approval

Yoshinobu Nisaka, Wakayama’s governor, wants an extraordinary meeting to seek approval to host an integrated resort in the city.

Japan.- Wakayama’s governor has called on the prefectural assembly to hold a special meeting to approve the proposal for an integrated resort (IR) in the city. The meeting will probably be held before April 28, as the prefecture must submit its area development plan to the national government before that date.

Yoshinobu Nisaka has moved the motion to the legislature even though the committee tasked with reviewing the matter said it was still awaiting details on how the IR would be funded. Two public consultation hearings on the IR proposal will be held on March 12 and 13

The Wakayama Prefectural Government hopes to open the integrated resort by 2026. According to Wakayama’s draft regional development plan, Canada’s Clairvest Neem Ventures Co Ltd, Wakayama’s IR partner, will raise JPY470bn (US$4.09bn) to invest in the integrated resort. The draft plan stipulates that the cost will be divided into JPY145bn in equity.

Clairvest Neem Ventures and Canada’s Clairvest Group Inc will own 55 per cent of the total equity in the resort. Caesars Entertainment is also part of the core investor group with a 5 per cent stake.