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Cantor Fitzgerald, Credit Suisse named financiers of Nagasaki IR

September 9, 2022 Japan Industry Updates

Nagasaki governor Kengo Oishi announced Tuesday that US-based Cantor Fitzgerald and the Credit Suisse Group will be financing the prefecture’s planned IR project in Sasebo city pending central government approval.

The opening costs for the Kyushu IR are estimated at JPY438.3 billion (US$3.1 billion). Of this, approximately JPY175.3 billion (US$1.2 billion) is to be procured from investors while JPY263 billion (US$1.9 billion) is to come via finance.

Cantor Fitzgerald Securities and the Credit Suisse Group will serve as financiers alongside CBRE, which was named in April.

However, Governor Oishi stated, “These three companies all plan to contribute to both investment and financing. I have seen letters of commitment from both companies, but cannot yet disclose their details.”

Oishi refrained from offering any further information on the level of financing to come from these two new investors, but said, “We will continue to announce any financiers and investors in a timely manner as they finalize their agreements with the operator.”

In response to IAG inquiries, the prefecture’s IR Promotion Division said, “[If preparations are complete] I believe we can explain in more detail at the prefectural assembly, which starts on the 12th of this month.”

Nagasaki’s bid calls for an IR to sit adjacent to the Huis Ten Bosch theme park and be operated by SPC Kyushu Resorts Japan – a company led by Casinos Austria Japan. The goal is to open in the autumn of 2027.

Nagasaki is one of only two locations in the running to develop one of Japan’s first IRs, the other being Osaka where US casino giant MGM Resorts and local firm ORIX Corp have been chosen as preferred partner.

Source: https://www.asgam.com/index.php/2022/09/08/cantor-fitzgerald-credit-suisse-named-financiers-of-nagasaki-ir/
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