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In Japan and the government for Wakayama Prefecture has reportedly announced that two foreign firms have been passed through the request for proposal (RFP) stage of its campaign to secure one of the nation’s coming trio of licenses to build and operate an integrated casino resort.
According to a report from GGRAsia, the southern Honshu jurisdiction received definitive RFP plans earlier this month from Suncity Group Holdings Japan Company Limited and Clairvest Neem Ventures and has now approved both applications following an extensive review.
Passing pair:
GGRAsia reported that Suncity Group Holdings Japan Company Limited is the local arm of Hong Kong-headquartered real estate giant Suncity Group Holdings Limited while Clairvest Neem Ventures is a subordinate of Canadian private equity management firm Clairvest Group Incorporated. Both are to now purportedly be given until the end of August to present the business plans associated with their earlier RFP submissions in hopes of being named as the preferred operating partner for the jurisdiction’s envisioned integrated casino resort.
Subsequent stage:
Wakayama Prefecture reportedly intends to unveil its chosen collaborator by the middle of November before submitting its fully completed casino proposal to a panel of federal selectors in advance of a final July 30, 2021, deadline. The jurisdiction will then purportedly hope to be given the go-ahead to bring a Las Vegas-style integrated casino resort complete with multiple hotels, exhibition facilities and retail elements to a 58.3-acre plot of privately-owned land on its Marina City artificial island.
Rival runners:
It was further reported that the jurisdiction of some 950,000 people is due to face stiff competition for one of the three ten-year licenses from a number of other Japanese communities including the likes of Sasebo, Osaka and Yokohama. However, several of these candidates have purportedly temporarily halted their preparations due to the recent nationwide implementation of a coronavirus-related lockdown and are said to be wary of a resultant economic downturn.
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