Wakayama Council still unclear in IR funding

The Wakayama prefectural council committee, which is tasked with investigating that Japanese society is leaning toward having casino resorts, issued a statement expressing concern that plans for the project and fundraising were "still unclear."

"Unfortunately, the committee must say that the plan is still unclear in detail and not convincing about fundraising," said an announcement by the special committee on integrated resorts, which held its third meeting on Monday and lasted seven hours.

"The Commission strongly calls on the current [government] to show the certainty of fundraising at the next, or fourth, committee meeting," according to GGRA's Japan correspondent.

But the commission agreed to allow the current government (pictured) to start collecting public input on the idea of an integrated resort (IR) project, even as the commission explored more details about its practicality.

In December, a lawmaker had urged Wakayama not to start the public consultation phase until financing became clear. A budget of 470 billion yen ($4.07 billion) had been mentioned before.

The reason the Commission is now acquiescing to public opinion is that the current government has highlighted the limited time available before the April 28 deadline to submit such a plan to the country.

The Wakayama Prefectural Council's IR Special Committee is responsible for reviewing the draft district development plan related to the game complex.

Clairvest Nem Ventures KK is leading investment proposals related to casinos in Wakayama as a private sector partner. The plan is being coordinated by the current government.

According to GGRAsia's correspondent, some information on project financing was submitted to commissioners ahead of Monday's meeting.

The current government and ClareBest Nim Ventures have previously mentioned the existence of other forms of vows, including letters of intent and credentials.

But that information was deemed insufficient by a parliamentary committee because it found evidence of a commitment issued by equity investors and banks to ensure money was invested in projects when needed.

On Feb. 4, the Yomiuri Shimbun reported that 140 billion yen for the plan would be provided through equity shares: ClareBest Nem Ventures, a Canadian-based private equity firm, ClareBest Group, a U.S.-based casino operating company Caesars Entertainment Inc., and other companies, including a Japanese company. Other Japanese companies were not named in the document, according to the report.

Caesars' participation in Wakayama "has no capital commitment," it said in a statement in September.

According to the Yomiuri Shimbun, the plan will include 330 billion yen, including borrowing from Credit Suisse and other banks.

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