Wakayama to conduct two public consultation hearings on planned IR development
The Wakayama Prefectural Government has confirmed that two public consultation hearings will be held along with 14 briefing sessions open to residents.
Japan.- Authorities in Wakayama will hold two public hearings and 14 residents’ briefings to discuss the prefecture’s draft integrated resort (IR) district development plan. The Wakayama Prefectural Government hopes to open an integrated resort by 2026.
The prefecture must submit its area development plan to the national government for approval by April 28 if it is to bid for one of three IR licences planned for Japan. IR legislation requires public hearings that must be held before the prefectural government submits its plan to the Japanese government.
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.
Last October, Japan’s bicameral legislature opened the application window for three integrated resorts licences. There are currently only three cities expected to bid: Nagasaki, Osaka and Wakayama. All three could be chosen; however, the public authority may pick only one or two, or even none.
