Progress for Wakayama Prefecture casino proposition

In Japan and the government for Wakayama Prefecture has reportedly launched the request for proposal (RFP) stage of its plan 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 is hoping to take advantage of federal legislation passed in the summer of 2018 so as to be given the right to host one of three giant integrated casino resorts. These Las Vegas-style venues are to purportedly come complete with a minimum $10 billion price tag and feature multiple hotels, exhibition facilities and retail elements as well as a casino.

Settled site:

GGRAsia reported that Wakayama Prefecture envisions bringing its planned integrated casino resort to a 50.7-acre plot of privately-owned land on the Marina City artificial island with this prospect having already attracted interest from a number of potential operating partners including the likes of MGM Resorts International, Melco Resorts and Entertainment Limited, Wynn Resorts Limited and Las Vegas Sands Corporation. But, the jurisdiction of some 950,000 people is said to be facing stiff competition for one of the three ten-year licenses from a number of other Japanese communities including the likes of Osaka, Sasebo and Yokohama.

Autumnal assessment:

As part of the race to secure one of the potentially lucrative licenses and Wakayama Prefecture reportedly released its draft implementation policy last month so as to officially lay out exactly what it would expect any foreign casino operator to bring to the proposed project. It purportedly revealed that the RFP timetable means that would-be associates now have until the end of August to submit their official plans before a final decision is made towards the middle of November.

Positive prospect:

From here and GGRAsia reported that Wakayama Prefecture intends to lodge its completed casino plan with a panel of federal selectors in advance of a final July 30, 2021, deadline in hopes of being able to open the new gambling-friendly development in the spring of 2025.

Serious stipulations:

Wakayama Prefecture reportedly declared that aspiring operators are to be required to implement a ‘sports and wellness’ theme into their integrated casino resort proposals so as to help promote local tourism schemes. The jurisdiction purportedly detailed that its chosen partner will furthermore be obliged to follow a series of measures designed to help prevent locals from developing a gambling problem and ensure their finished complex is able to withstand natural disasters such as tsunamis and earthquakes.