Wakayama Prefecture passes Clairvest Neem Ventures consortium

In Japan and the government for Wakayama Prefecture has reportedly okayed the final consortium that is now set to serve as the preferred operating partner for its tilt at being granted permission to host one of the Asian nation’s coming trio of integrated casino resorts.

According to a report from GGRAsia, the jurisdiction of just short of one million people is hoping to be given the go-ahead to bring a Las Vegas-style casino resort to a 50.7-acre plot of privately-owned land on its Marina City artificial island. However, the source detailed that the Honshu community’s campaign is first being obliged to pick a preferred operating partner ahead of submitting a final application to a panel of federal selectors in advance of an April of 2022 deadline.

Previous pick:

Wakayama Prefecture reportedly selected Clairvest Neem Ventures to serve as its primary preferred operating partner last month after rival contender rival Suncity Holdings Japan Company Limited, which is a subordinate of Hong Kong-based real estate giant Suncity Group Holdings Limited, pulled out of the running owing to concerns over the proposed project’s final price-tag. The seaside jurisdiction has now purportedly added to this decision by similarly passing a pair of associated collaborators in French casino operator Groupe Partouche and local management specialist AMSE Resorts Japan Company Limited.

Impressive intent:

GGRAsia earlier reported that Clairvest Neem Ventures is a subsidiary of Canadian private equity management goliath Clairvest Group Incorporated and has proposed constructing a $4.3 billion facility featuring a large casino in addition to approximately 2,700 hotel rooms, a 6,000-seat ‘international conference’ center and an exhibition space. Such a proposition is to purportedly by operated under a 40-year license should it be selected from a club that could moreover contain bids from rival hopefuls including the cities of Yokohama and Osaka.

Coming collaboration:

Wakayama Prefecture reportedly disclosed late yesterday that its Public Safety Commission is to now work in partnership with the three firms and its own Integrated Resort Promotion Office so as to prepare an area development plan ahead of tendering its definitive proposition to officials in Tokyo. It had earlier purportedly explained that it furthermore intends to create a system that will allow local businesses of all sizes to help it in securing the coveted casino license.

Tentative timeline:

GGRAsia also forecast that the envisioned integrated casino resort for Wakayama Prefecture could open as soon as the end of 2027 although others have reportedly predicted that such a project, if selected, may not begin welcoming guests until closer to the start of the next decade.