The 14 public hearings on the proposed IR development have been put back due to insufficient information on funding and the structure of the chosen consortium.<\/p>\n\n\n\n\n\n\n\n
Japan.- In October,\u00a0the Wakayama Prefectural Government<\/a>\u00a0announced it would hold a\u00a0public consultation\u00a0<\/strong>on its IR plans to take feedback from members of the public, city authorities, and the prefectural assembly. The first public hearing was to be held on November 25 but has postponed forthcoming sessions until February 2022\u00a0<\/strong>as information on funding and the structure of the winning consortium is still pending.<\/p>\n\n\n\n Clairvest Neem Ventures Co Ltd is Wakayama’s IR partner, and it has an agreement with\u00a0Caesars Entertainment<\/a>. However, prefecture and Clairvest have been unable to provide specific details about financing\u00a0and the individuals involved in the operation. As such the sessions have been postponed until there is sufficient information to give to residents. <\/p>\n\n\n\n The planned initial investment in the IR development is JPY470bn (US$4.3bn). The Wakayama Prefectural Government hopes to\u00a0open the integrated resort by 2026<\/strong>. It must submit its area development plan to the national government for approval by April 28, 2022.<\/p>\n\n\n\n According to ABC TV, Wakayama residents are demanding a referendum on the city\u2019s IR bid<\/strong>. A campaign group<\/a> has delivered a petition that reached more than 3,000 signatures. <\/strong>The organisers hope to reach 20,000 signatures <\/strong>by December 5.<\/p>\n\n\n\n A similar movement happened in Yokohama<\/a>, where over 200,000 people demanded a referendum. Takeharu Yamanaka<\/a>, Yokohama\u2019s newly mayor, finally cancelled the city\u2019s IR plans.<\/p>\n","protected":false},"excerpt":{"rendered":" The 14 public hearings on the proposed IR development have been put back due to insufficient information on funding and the structure of the chosen consortium.<\/p>\n","protected":false},"author":176,"featured_media":24800,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Public hearings for the proposed Integrated Resort (IR) development in Wakayama, Japan, have been postponed until February 2022. This delay is attributed to insufficient information regarding the JPY470bn funding structure and the composition of the winning consortium, which includes Clairvest Neem Ventures Co Ltd and Caesars Entertainment. Concurrently, Wakayama residents are demanding a referendum on the IR bid, echoing a successful movement in Yokohama that led to the cancellation of its IR plans.","focusai_entities":"Wakayama Prefectural Government, Clairvest Neem Ventures Co Ltd, Caesars Entertainment, ABC TV, Takeharu Yamanaka","focusai_location":"Japan, Wakayama, Yokohama","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.88), operator_casino (0.92), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Funding Transparency Measures?","query":"What specific governance frameworks and disclosure protocols will the Wakayama Prefectural Government and Clairvest Neem Ventures implement to address the current funding transparency concerns and consortium structure opacity?"},{"label":"Mitigating Public Opposition?","query":"Given the precedent in Yokohama, what revised strategies will the Wakayama Prefectural Government and its IR partners deploy to mitigate escalating public opposition and the potential for a binding referendum?"}],"footnotes":""},"categories":[16338,156,158],"tags":[23632],"class_list":["post-24783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-regulation-news","category-slider-home","tag-integrated-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=24783"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24783\/revisions"}],"predecessor-version":[{"id":24811,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24783\/revisions\/24811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/24800"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=24783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=24783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=24783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Wakayama citizens call for an IR referendum<\/h2>\n\n\n\n