Wakayama Committee OKs IR Plan

A special committee of Japan’s Wakayama prefectural assembly has given its okay for the local government to advance with the process to apply to the national authorities for the right to host an integrated resort (IR) in that Japanese community.

The decision was made on Thursday even though there were still doubts among committee members regarding funding for the scheme.

After receiving approval from the IR special committee tasked with scrutinising implementation of the casino policy, the proposal for a casino in Wakayama must now be voted in a plenary meeting of the Wakayama prefectural assembly.

April 28 is the closing date for local governments to submit pitches to the national government for the right to host an integrated resort. Up to three will be allowed nationally, under the liberalisation programme. Currently, Nagasaki and Osaka are also likely to submit a respective application – under the form of a so-called IR District Development Plan – for a casino resort.

During Thursday’s meeting of the IR special committee, a representative for the selected partner of Wakayama prefecture in its tilt to host a casino resort said it had letters of intent from nine potential equity investors and four financial services providers. The latter group included Cantor Fitzgerald and Hanwha Investment & Securities Co Ltd.

The information was given by Mario Ho Yau Kwan, one of the participants in the Clairvest Neem Ventures KK entity that is working with Wakayama. Mr Ho appeared by video link for the fourth meeting of Wakayama prefectural assembly’s IR special committee. He pledged to put some of his own money into the project.

Wakayama Governor Yoshinobu Nisaka was also involved in the Thursday briefing to the prefectural assembly IR special committee.