Yokohama increase its budget for IR bid

Yokohama increase its budget for IR bid

The metropolitan city will add US$3.6 million to its initial budget plan for costs related to its proposed IR venture

Japan.- While the casino bribe scandal continues to make headlines in Japan, Yokohama City is still moving ahead with its IR bid, significantly increasing its budget for the project. The metropolitan city will add JPY 400 million (US$3.6 million) to its initial budget plan this year for costs related to the IR venture.

The investment will be divided between different areas: JPY 220 million (US$2 million) has been earmarked for recruitment, selecting an operator partner as well as devising an area improvement plan; JPY 95 million (US$862,000) in research expenses for transport infrastructure; JPY 55 million (US$500,000) for public relations expenses such as resident briefings; and JPY 10 million (US$90,000) for research into problem gambling strategies, according to local reports.

Yokohama is one of the main candidates to obtain one of the three IR licenses Japan’s government will hand out and the city is doing all it can to ensure it remains in the running. From October to December 2019 the city received submissions from seven interested operators looking to construct an IR should it receive a licence. 

Some of the interested companies are Wynn Resorts and Melco Resorts & Entertainment which has already declared its “Yokohama First” policy and intention to open a local office in the city in September. Las Vegas Sands also indicated in October that Yokohama had become the main focus of its plans for Japan.

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