Wakayama chooses Clairvest as IR partner

Wakayama prefecture has selected a consortium led by Clairvest Neem Ventures Co as its partner for an integrated resort bid to be located at Wakayama Marina City.

Local authorities that wish to host an IR must first select a private-sector partner, and then apply to the national government for a concession.

Following a vetting process, Wakayama city’s government and the prefecture’s Public Safety Commission said they had not found any deficiencies in the consortium’s proposal.

“We will create an area development plan in conjunction with the priority candidate,” the prefectural government said in a statement. “Along with requesting further refinements to the proposals and enhancing the project implementation plan, we will seek to build an All-Wakayama Plan in which businesses in the prefecture can participate widely in enhancing the operation plan to ensure that there is contribution through development of the local economy and local employment.

“Moreover, we will create an excellent Area Development Plan for an IR that will greatly contribute to the region’s development and make a contribution to the country’s tourism strategy,” it added.

Clairvest Neem Ventures is a subsidiary of Canada-based private-equity firm Clairvest Group. French casino operator Partouche Group, and AMSE Resorts Japan Co - a company linked to former casino executive William Weidner - are partners for Clairvest’s Wakayama project, it was announced in June.

The Clairvest-led consortium emerged as the sole bidder in Wakayama’s request for proposals after Alvin Chau’s Suncity Holdings Japan withdrew from the race in May.