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Nagasaki to face “high hurdles” if it reapplies to host IR with casino

March 14, 2024 Japan Industry Updates

It was said at a meeting of the general affairs committee of Nagasaki prefecture on Wednesday that there would be serious issues if the prefecture decided to reapply to federal authorities for the opportunity to host an integrated resort (IR) with a casino.

During the meeting, it was decided once again not to file an administrative appeal against the December “non-approval” of Nagasaki’s IR District Development Plan, which was filed to the federal government in April 2022.

Takeshi Komiya, the chairman of the IR Promotion Division, and Tomohito Waseda, the head of the prefecture’s planning department, provided this information.

The deadline for filing an appeal against the decision made by the national authorities was March 27. The prefecture said that at this time, an independent conclusion could not be made about any future applications.

The prefecture acknowledged that any further application would need starting the IR procedure over from scratch and that the associated obstacles would be difficult.

By the end of March, the prefecture hopes to have finished an internal assessment of its IR efforts, which might provide light on how it plans to carry out the policy objective.

It was underlined that since the government has broad jurisdiction in these circumstances, overturning its decision would be very challenging.

According to the local administration, the process would probably take a year if an appeal was filed.

Prior to being renamed as a “IR Office,” the IR Promotion Division selected “Casinos Austria International Japan” and “Kyushu Resorts Japan and Advisors” as its private-sector partners for the IR plan.

Cantor Fitzgerald Securities Japan Co Ltd, CBRE, and Credit Suisse AG are providing financial support for the Nagasaki initiative, which is anticipated to generate JPY438.3 billion (US$2.97 billion).

Concerning financial arrangements, the Japan Tourism Agency said in late December that Nagasaki’s incentivization program did not adhere to the guidelines set out in the country’s basic policy on incentivization.

The intended location of the Nagasaki IR project was close to Sasebo’s Huis Ten Bosch theme park.

The prefecture claims that after the “non-approval,” Kyushu Resorts Japan abandoned the validity of the IR land acquisition sale reservation contract and fundraising commitment letters. Additionally, Kyushu Resorts said that it does not plan to appeal the December ruling administratively.

Original story by: GGRAsia

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