Yokohama IR gets support

Yokohama IR gets support

The Yokohama Chamber of Commerce & Industry voiced its support for a Yokohama IR bid.

The local Chamber of Commerce & Industry urged Mayor Fumiko Hayashi to favour a Yokohama IR, as the country continues to outline casino regulations.

Japan.- The Japanese casino industry will soon land in the archipelago and several regions push for their own venue. A Yokohama IR is one of the developments that could see light as it has received support in the region.

The Yokohama Chamber of Commerce & Industry urged Mayor Fumiko Hayashi to take a stand and favour an IR bid. 

“An IR is a basic stance on behalf of the future development of Yokohama,” AGBrief quoted Chairman Takashi Ueno.

“If the city government doesn’t move soon it will be difficult to take action,“ Vice-Chairman Morihiko Kawamoto added. We need to make our declaration of a bid now while the time is still ripe.”

Mayor Hayashi had advanced she wouldn’t make a decision on an IR bid anytime soon. She wants the government to release further details on regulations first, and then she’ll assess a potential push.

Opposition

Yokohama Mayor Fumiko Hayashi received a letter by anti-casino groups criticising the potential casino. The Yokohama Harbor Transport Association and the Yokohama Harbor Resort Association sent the document. Chairman Yukio Fujiki leads both groups and stated their firm opposition to an IR bid.

“Operating an IR casino over the objections of an unpersuaded public is totally unacceptable,” the letter says.

According to the groups, an international convention centre without a casino could attract 20 million visitors annually. They also forecasted an overall economic impact of about €16 billion. Furthermore, they warned family-aimed companies like Disney wouldn’t want Yokohama to host an IR close to them.

Costly endeavour

Yokohama recently found out that an IR may cost up to €10.7 billion.

The information surged through a request for information (RFI) process, but it’s unknown who gave such an answer. Other entities – from 12 contributors – said it may cost as low as €5 billion.

An estimated €2.8 billion to €7.1 billion revenue could come from a Yokohama casino, the RFI revealed. The estimate for annual EBITDA may range from €652 million to €1.7 billion.

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