Wakayama prefecture, which is preparing to bid for development of an integrated resort, has published its regional development plan for a proposed property in Wakayama Marina City.
The plan was created based on the opinions of prefectural residents, obtained via local briefings and public hearings, and names three main shareholders – Clairvest Neem Ventures, Clairvest Group Inc and Caesars Entertainment – plus nine minority investors.
Those nine are Nishimatsu Construction, Cantor Fitzgerald, Global Gaming Asset Management Company, Hanwha Investment & Securities Co. Ltd, Idreamsky Technologies Holdings Ltd, ESV5 Esports Company, GW Investment Group, Zlony Holdings and NFKing Production Ltd.
In the plan, jointly drafted by the prefecture and Clairvest, the property opening has not changed from “autumn 2027 at the earliest”, but a note was added to say, “There are no plans to open the casino before the other facilities and all are planned to open simultaneously around autumn 2027.”
In the 2030 fiscal year, the third year after opening, tourism consumption accompanying the IR is estimated at JPY262.1 billion (US$2.1 billion) with an economic ripple effects of JPY545.2 billion (US$4.4 billion) nationally and JPY353.4 billion (US$2.9 billion) in Wakayama prefecture. New tax yield is estimated at JPY67.8 billion (US$547 million) in national taxes and JPY41.9 billion (US$338 million) in prefectural taxes by 2030.
MICE facility capacity has increased from 6,000 to 9,000 and the number of hotel guest rooms has also increased from 2,546 to 2,652.
The casino floor area has been expanded from 46,500 square meters to 55,367 square meters although the portion specifically earmarked for casino activities has decreased from 19,857 square meters to 19,643 square meters. According to the plan, the gaming floor will occupy 2.8% of the overall floor area for the entire IR.
Travel consumption is estimated at JPY171,147 (US$1,380) per foreign visitor, excluding casino activities.
The aim is to maximize the consumption unit in the high-end demographic with a focus on the wealthy. The plan is to avoid over-reliance on customers from any one specific country.
Wakayama plans to submit a proposal to the national government after obtaining approval from the city and at the prefectural assembly ahead of the 28 April 2022 deadline for applications.