The government of Wakayama picked in June a consortium led by Clairvest Neem Ventures, a subsidiary of Canadian private equity firm Clairvest Group, as its preferred partner it will jointly bid with for the right to host one of Japan’s first Macau-style casino properties.
Caesars announced that it would participate in the consortium with no capital commitment and that it has joined it in full compliance with Japanese law.
This new partnership brings together Clairvest Neem Ventures, which has extensive experience in the development of integrated resorts around the world, and Caesars, which is an equally experienced casino operator with multiple gaming properties around the US.
The Clairvest-led consortium was the first IR developer partner to be announced by a Japanese city/prefecture as part of the ongoing process for the introduction of Macau- and Las Vegas-style multi-purpose gaming complexes, widely known as integrated resorts.
Under Japan’s recently adopted casino law, up to three properties of this kind will be allowed in the country in the first phase of regulation. Cities and prefectures interested in hosting casino resorts must find a private sector partner to apply for the right to build and operate such resorts. They have until April 28, 2022 to submit their applications.
“We are thrilled to partner with Caesars Entertainment. Not only will it serve to enhance the economic recovery from the Covid-19 pandemic through increased international visitation, but we are confident that together we can create a resort that provides significant local economic stimulation in Wakayama prefecture, throughout the Kansai region and the rest of Japan,” Clairvest Neem Ventures’ director Ho, commented.
Caesars CEO Tom Reeg added that his company’s brand was “iconic”, and that he was proud to partner the consortium to bring it to Japan. “We believe our experience blends perfectly with CNV’s and look forward to creating something special with them for the Kansai region,” he commented.
While Wakayama is still to be confirmed as one of the three sites for Japan’s integrated resorts, the Clairvest Neem consortium was selected as the city’s partner in June this year.
Wakayama is one of three regions to have selected its IR partner, following Nagasaki, which has paired off with Casinos Austria International – and signed a basic agreement – and Osaka, where a consortium featuring MGM Resorts and Orix was the only bidder.
Source: GMB
