Governor Yoshinobu Nisaka of Wakayama Prefecture said today that he was "sorry" that the prefectural assembly rejected the casino integrated resort plan.
The Governor of Wakayama made a statement less than a month after the prefectural council voted 36-22 against the $ 18 billion IR development.The original idea was for a Canadian private equity firm to bring Caesars Entertainment into the resort's operations.
Mr. Insaka has professed hostility to those who opposed the plan. The 2006-year-old, who has been the governor of Wakayama Prefecture since 71, says that the withdrawal of Wakayama Prefecture from the Japanese casino competition is a loss to the residents and the local economy.
4,700億円（36億米ドル）の投資と地元住民の年収を毎年10％ずつ増やすというこの巨大プロジェクトを失うことは、県にとって深刻な打撃となる」と仁坂知事は県の公式ウェブサイトに掲載された書簡で宣言している。Claire Best Neem Ventures (CNV), a subsidiary of Canada-based Claire Best Group, participated in the bid for the IR business in Wakayama alone.
This was after Hong Kong-based Suncity Group declined after being caught up in a scandal in China by founder Alvin Chau.Wakayama Prefecture initially preferred Suncity's casino proposal, but later adopted the CNV method.
Governor accuses opponents
Twenty-two Wakayama prefectural assembly members who opposed the IR of Clarebest and Caesars expressed concern about the consortium's ability to raise funds.Clarebest Group owns three North American casinos (Meadows, NJ, Casino Delaware Park, Gray Eagle Resort & Casino, Alberta, Canada), but Clairebest expects to be in the billions of dollars. Has never developed or built such a large integrated resort.
However, Mr. Insaka wrote in an IR response that Claire Best had secured adequate funding through Credit Suisse, a global investment bank that has long financed these large casinos.Opponents argued that Credit Suisse agreed to the project only in a non-binding letter providing banks with an escape clause.
The governor claims that Wakayama citizens' annual income will increase by 10% and create thousands of jobs, but if IR were not realized, an annual economic effect of $ 27 billion would have been expected. It states that it will become a bubble of water.
Possibility of IR redo
Mario Ho, 27, was one of the many sons of the late Stanley Ho, who was called the "Gambling King," and had a basic agreement with CNV to invest in Wakayama IR.His late father dominated Macau's casino gambling for decades until the early 2000s. When he died in 2020, he is believed to have left billions of dollars in wealth to many heirs, including his numerous wives and at least 17 children.
Mr. Insaka said Wakayama should reconsider another IR development as Mario Ho continues to be interested in such casino development.
「マリオ・ホー氏は和歌山のIRに投資することを希望している」と、知事は続けた。"マリオや他の投資家が和歌山をあきらめないために、今回の失敗を過去のものとして、投資入札を継続したい。"Japan's 2018 commercial game bill allowed as many as three IR licenses.During the bidding period, which ended on April 3, the central government only fielded proposals for two qualified casinos.The submitted projects are from Osaka and Nagasaki prefectures.
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