The Wakayama Prefectural Government is expected to oficially announce Clairvest Neem Ventures’ consortium as its IR partner.
Japan.- Wakayama prefecture is reported to have accepted a consortium headed by the Canadian private equity firm Clairvest Neem Ventures as its private operator partner for its bid to host one of Japan’s three integrated resorts.
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 has expressed doubts about the possibility of moving forward with one IR contender.
He stated: “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.
As regards the current state of other Japanese IR developments, Osaka is in a similar position with only one contender for its bid: MGM-Orix.
In Yokohama, Melco and Genting have passed to the final stage of the tender. However, mayoral elections could derail IR aspirations as there are two anti-IR candidates: Masataka Ota and Akiko Fujimura.
Current mayor Fumiko Hayashi has not yet decided if she will run for a fourth period. There is speculation that she may not run because of health reasons.