Wakayama to Conduct Two Public Consultation Hearings on Planned IR Development

Authorities in Wakayama will hold two public hearings and 14 residents’ briefings to discuss the prefecture’s draft integrated resort (IR) district development plan. The Wakayama Prefectural Government hopes to open an integrated resort by 2026.

The prefecture must submit its area development plan to the national government for approval by April 28 if it is to bid for one of three IR licences planned for Japan. IR legislation requires public hearings that must be held before the prefectural government submits its plan to the Japanese government.

According to Wakayama’s draft regional development plan, Canada’s Clairvest Neem Ventures Co Ltd, Wakayama’s IR partner, will raise JPY470bn (US$4.09bn) to invest in the integrated resort. The draft plan stipulates that the cost will be divided into JPY145bn in equity.

Clairvest Neem Ventures and Canada’s Clairvest Group Inc will own 55% of the total equity in the resort. Caesars Entertainment is also part of the core investor group with a 5% stake.