Clairvest’s casino plan backed by Wakayama, the first IR partner to be confirmed
Wakayama authorities had confirmed in May that Clairvest Neem was the only contender for the RFP after Suncity drop out.
Governor of Japan’s Wakayama prefecture confirmed that they had chosen the venture linked to Canada-based private equity management firm Clairvest Group as business partner for hosting a casino resort.
The Clairvest Neem Ventures proposal is estimated to have an “initial investment” worth JPY470 billion according to corporate materials published on the prefecture’s website.
It would have 569,000 square meters in gross floor area. The scheme which to be built on an artificial island called Marina City would have 2700 hotel rooms, a casino, an international conference venue that can accommodate about 6000 people, and an exhibition space, as well as several tourism facilities, including for eSports and indoor skydiving.
Wakayama authorities had confirmed last month that Clairvest Neem was the only contender for the request-for-proposal process, after a notice of withdrawal from Suncity Holdings Japan.
Clairvest Neem’s proposal had been rated by Wakayama as worth 656 points, out of a possible 1000 points,. A proposal from Suncity Holdings Japan scored 720 points. The latter entity is linked to entrepreneur Alvin Chau Cheok Wa, owner of Macau junket investor Suncity Group.
The Wakayama government’s nod for Clairevest Neem makes it the first private-sector IR partner to be confirmed by a Japanese local government.
Clairvest’s business proposal envisaged the Wakayama casino resort project as launching in the autumn of 2027.
Local authorities interested in hosting a casino resort must first select a commercial partner and then apply to the national government for the right to host.
Up to three resorts will be permitted in Japan under the relevant legislation framework.
Editing by Rachel Hu