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Wakayama to purchase IR candidate site for JPY7.6 billion to reduce operator burden

Tomo Yamamoto by Tomo Yamamoto
Fri 22 Nov 2019 at 06:07
Wakayama sets 2024 as planned Japan IR launch date

Wakayama Marina City

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The owner of land singled out for a Wakayama IR has reportedly agreed to sell it to the local government for JPY7.6 billion should the prefecture prove successful in its planned IR bid.

The idea is that by purchasing land now, Wakayama’s future IR operator partner can re-purchase the land at a later date while avoiding any potential price fluctuations between now and then. The prefecture intends to submit a supplementary budget to the prefectural assembly in December.

Wakayama officials want to construct an IR on the manmade island of Wakayama Marina City. An operator is planned to be selected next year in a public offering with the land currently owned by a trust company delegated by the Marina City management company.

According to the prefecture, factors such as the price fluctuation for private sector transactions depending on the circumstances, and time taken for credit checks, could be a burden for any potential operator, so the hope is to make the candidate site publicly owned land. An agreement has now been reached with the Marina City management company, with the price determined by external real estate appraisers. Once purchased, it will be sold to the IR operator for the same price, but if not successful in the bid, will not be sold.

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Tomo Yamamoto

Tomo Yamamoto

Born in Okayama, Japan in 1964, Tomo has covered horse racing, professional baseball, golf, boxing and more in his role as a sports writer. He first encountered casinos before Macau was returned to China in 1999. He has traveled to South Korea and Manila to cover events and scope out the local scene. He has studyied “How to get along with casinos,” a topic he learned of from Osaka University of Commerce.

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