In Japan, it is reported that the plan to attract an integrated casino resort to Wakayama Prefecture has been tattered because a related development plan was rejected by a local lawmaker.
According to a report by Inside Asian Gaming, the southern region of Honshu wanted to get permission to introduce Las Vegas-style development on 50.7 acres of private land on an artificial island in Marina City.
According to sources, the facility is a US giant Caesars Entertainment through a deal between Canadian private equity management firm Claire Best Group Incorporated and local management firm Japan AMSE Resort Co., Ltd.・ It was planned to be operated by Incorporated.
Anxiety about cash flow
However, today, the Wakayama Prefectural Assembly (constant 42) has reportedly voted against the implementation of the casino resort concept, jeopardizing the concept.
The 22-18 decision is said to be due to concerns about who will pay the approximately $ 37 billion needed to achieve highly gambling development.
Serious discord
According to Inside Asian Gaming, Clairvest Group Incorporated is willing to invest more than $ 7 million in the project through its subsidiary Clairvest Neem Ventures Company Limited, from Caesars Entertainment Incorporated and Nishimatsu Construction Co., Ltd. The nasty vote happened, even though he had solid promises of $ 1500 million and $ 6300 million, respectively.
In addition, the Toronto-based company allegedly advised MPs to raise at least $ 24 billion in additional funding in collaboration with global investment bank Credit Suisse Group AG.
The deadline is approaching
Currently, most gambling is illegal in Japan, but former Prime Minister Shinzo Abe's coalition reported in July 2018 that Japan, with a population of about 7 million, passed a bill authorizing three integrated casino resorts. Has been done.
Due to the opportunity to secure one of these favorable 40-year licenses, the candidate site is said to be obliged to submit a completed application to the federal selection committee by April 1, final. The decision is expected to be made later this year.
on that evidence
The Wakayama Prefectural Assembly is said to have been particularly uncomfortable with Claire Best Neem Ventures' failure to give Credit Suisse an official commitment to the prospect of a shortage of spending.
As a result of this negative vote, the prefecture is said to have decided not to submit the current plan for the integrated casino resort to the selection agency of the Tokyo headquarters.
What are the remaining candidates?
Many analysts say that the proponents of the Wakayama Prefecture integrated casino resort initiative expect to withdraw completely from this process.
In that case, only Nagasaki and Osaka prefectures will remain, and they will have the right to attract highly gambling casinos.
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