Wakayama’s governor says IR plans could get second change

The Wakayama Prefectural Assembly voted against the plan by 22 votes to 18.
The Wakayama Prefectural Assembly voted against the plan by 22 votes to 18.

Yoshinobu Nisaka has said that although the Wakayama Prefectural Assembly voted against an IR, the project should get another chance.

Japan.- Although the Wakayama Prefectural Assembly voted against applying to develop an integrated resort, the prefecture’s governor Yoshinobu Nisaka hopes the plans could be resurrected.

The Wakayama Prefectural Assembly voted by 22 votes to 18 to reject plans for the proposed casino resort, a decision that Nisaka described as a “bitter blow”. Nisaka believes an integrated resort would have helped the area’s economy by boosting tourism. However, he’s not giving up yet.

According to GGRAsia, Nisaka said: “The prefecture should take a second chance to apply to the national government. The prefectural assembly voted against the plan. But most of them are in favour of IR and just against the plan and the group behind it.”

The prefecture’s chosen private sector partner, Clairvest Neem Ventures, intended to raise JPY470bn (US$4.09bn) to invest in the proposed integrated resort, which the prefectural government hoped to open by 2026. However, local authorities had repeatedly raised concerns about the lack of clarity on fundraising.

Osaka and Nagasaki submit IR proposals to national government

Both Osaka and Nagasaki prefectures have voted in favour of the final draft of their IR district development plans and have submitted their proposals to national authorities. 

In Osaka, the prefecture’s operator partner, the MGM-Orix consortium has proposed to invest JPY1tn (US$9.1bn) in the planned IR. The proposed site is an artificial island: Dream Island, in Osaka Bay. The project has a target of opening in 2029.

As for Nagasaki, the proposed casino resort would be located within the Huis ten Bosch theme park in Sasebo City. The planned cost for the development of the IR is JPY438.3bn (US$3.8bn), including JPY175.3bn in equity costs. 

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