The group is challenging the government’s use of public money in its bid to host an integrated resort.<\/p>\n\n\n\n\n\n\n\n
Japan.- Nagasaki’s integrated resort bid has come under fire from a group that has filed a lawsuit in Nagasaki District Court<\/strong>. The group is challenging the use of taxpayer money on the project.<\/p>\n\n\n\n The Nagasaki Shimbun said a group, going by the name of the Stop the Casino Nagasaki Prefectural Network, claims authorities signed a contract for circa JPY110m (US$761,500) with a law firm and other advisors as part of its IR efforts. They claim the funds were used improperly because the IR application is unlikely to be approved by Japan’s national government.<\/p>\n\n\n\n In August,\u00a0a prefectural audit committee<\/a>\u00a0dismissed a request from the same group for an audit into consultancy payments to support Nagasaki\u2019s IR plans. The audit committee concluded that there was nothing irregular about the payments. The four-person audit committee was elected by the governor, who supported the IR proposal.<\/p>\n\n\n\n Nagasaki is one of the two cities that have submitted bids<\/a> to develop IRs in Japan. Authorities chose Casinos Austria International Japan Inc<\/strong> as partner for their bid<\/a> and expect the IR to open in 2027. The planned cost for the development of the IR is JPY438.3bn (US$3.8bn)<\/a>, including JPY175.3bn in equity costs.<\/p>\n\n\n\n Kengo Oishi<\/strong>, governor of Nagasaki prefecture, has recently said that the financial services companies Cantor Fitzgerald <\/strong>and Credit Suisse<\/strong> are interested in acting as financial arrangers for Nagasaki\u2019s integrated resort (IR) project.<\/p>\n\n\n\n According to GGRAsia, Oishi said Cantor Fitzgerald and Credit Suisse may participate in the 80 per cent equity portion of the financing and also arrange loans for a portion of the funds. He said both companies had been issued letters of commitment.<\/p>\n","protected":false},"excerpt":{"rendered":" The group is challenging the government’s use of public money in its bid to host an integrated resort.<\/p>\n","protected":false},"author":176,"featured_media":14899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"A lawsuit has been filed in Japan challenging Nagasaki's use of public funds for its integrated resort (IR) bid, alleging improper expenditure on advisory services given the perceived low probability of national government approval. This legal action scrutinizes the governance and financial transparency of the prefecture's JPY438.3bn IR development, which involves Casinos Austria International Japan Inc and potential financing from Cantor Fitzgerald and Credit Suisse.","focusai_entities":"Nagasaki District Court, Stop the Casino Nagasaki Prefectural Network, Nagasaki Shimbun, Casinos Austria International Japan Inc, Kengo Oishi, Cantor Fitzgerald, Credit Suisse, GGRAsia","focusai_location":"Japan, Nagasaki","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.95), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Legal Precedent Impact","query":"What legal precedents could this lawsuit against Nagasaki's IR bid establish for future public-private partnerships in Japan's emerging gaming vertical, particularly concerning the use of public funds for advisory services?"},{"label":"Financing Risk Assessment","query":"How might the ongoing legal challenge and perceived low probability of national government approval impact the commitment letters from Cantor Fitzgerald and Credit Suisse for the JPY175.3bn equity portion, and what are the implications for the overall project's capital structure?"}],"footnotes":""},"categories":[16338,154],"tags":[23632],"class_list":["post-33485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legislation-news","tag-integrated-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33485","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=33485"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33485\/revisions"}],"predecessor-version":[{"id":33502,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33485\/revisions\/33502"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14899"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}