Three integrated casino resort licenses are up for grabs in Japan’s Wakayama Prefecture. The small Honshu jurisdiction of 945,000 is following federal legislation from 2018 that sanctions the new giant Las Vegas-style resorts slated for 2026.
The Wakayama Prefecture certainly has an ambitious project at hand. The next text is to evaluate the contenders and submit the applications to a panel of federal selectors by the 2022 deadline.
Two operators are entering the ring at the RFP stage begun in March. They are the only ones to compete for the $10 billion project on a 50.7-acre plot of privately-owned land on the Marina City artificial island. It will feature a casino, numerous hotels, exhibition facilities retail space.
These bidders are from the local arm of Hong Kong-headquartered real estate giant Suncity Group Holdings Limited as well as a subordinate of Canadian private equity management firm Clairvest Group Incorporated.
The first bidder holds a stake in Russia’s Tigre De Cristal venue. It also has recently launched the Hoiana development in central Vietnam. It further envisions a $700 million development in the Philippines next year called Resorts World Westside City.
Next, the Toronto-based Clairvest Group is known for casino and resort properties in the U.S. as well as Chile, India, and Canada. It operates hotels, restaurants, convention centers and theaters. It is said to manage a whopping $1.9 billion in equity capital.