Wakayama Backs Integrated Resort Plans as More Investors Confirmed

March 22, 2022 Japan Industry Updates

Wakayama’s optimism in its ability to secure one of the first three integrated resort licenses in Japan is on the rise. The prefecture is now ready to advance its plans after receiving confirmation of investments.

Last month, there was some doubt over Wakayama’s ability to qualify as a host for a Japanese integrated resort (IR). The country expects candidates to show financial viability when they present their projects, and Wakayama wasn’t there yet.

With the April 28 deadline quickly approaching, the prefecture has made progress. It still needs the local government to give its approval. But the proof of financing is going a long way to giving local leaders hope.

Wakayama Financing in Place
Wakayama’s casino partner is a consortium of companies that make up the Clairvest Neem Ventures KK (CNV) company. Among these are Canada-based private equity firm Clairvest Group, and several executives with ties to Las Vegas Sands. Caesars Entertainment joined the group after its creation and will only play a small role.