Wakayama to hold 2 public hearings, 14 briefings on IR plan

Japan’s Wakayama prefecture is to conduct two public hearings and also 14 briefing sessions open to local residents, on the draft of its District Development Plan regarding an integrated resort (IR), as large-scale casino complexes are known in that nation.

The prefecture gave the news on Friday. April 28 is the closing date for local governments to make a submission to the national authorities for the right to host an IR.

Public hearings are required by the legislation covering IRs. Such hearings have to be conducted before the prefecture submits its plan to the Japanese government.

According to Wakayama’s draft District Development Plan, its intended private-sector partner, Clairvest Neem Ventures KK, is responsible for raising the JPY470-billion (US$4.09-billion) cost of the scheme.

The draft plan states the cost will be divided into JPY145 billion in equity. Clairvest Neem Ventures and Canada-based Clairvest Group Inc would shoulder 55 percent of total equity. United States-based casino group Caesars Entertainment Inc, with 5 percent of the equity, is also part of the core bloc of investors.

A September announcement on Wakayama by Caesars Entertainment said Mario Ho Yau Kwan, a son of Stanley Ho Hung Sun, the former monopolist of the Macau gaming industry and founder of current Macau operator SJM Holdings Ltd, was part of the consortium.

Source: https://www.ggrasia.com/wakayama-to-hold-2-public-hearings-14-briefings-on-ir-plan/