Wakayama Prefecture and a group led by Clairvest have inked an Integrated Resort (IR) accord, marking the first such agreement in Japan to be signed by a regional government.
The agreement includes specifics about the group’s “financial responsibility matters,” as well as the creation of an IR company and ethical considerations.
After the signing, the regional government and the group will jointly develop a regional growth strategy outlining how the IR will contribute to Wakayama’s economic expansion and travel industry. This strategy will be presented to the Japanese central government by the April 28, 2022 deadline.
Local businesses are encouraged to work with the regional government to bolster their proposal.
If the project is ultimately chosen as one of Japan’s three integrated resorts, Clairvest will construct a 569,000 square meter facility in Wakayama Bay, with 38,000 square meters dedicated to gambling.
This endeavor will also incorporate a colossal convention center spanning approximately 45,000 square meters, along with amenities such as a Japanese cultural exhibit, eateries, an electronic sports stadium, and an urban recreation area. It can house 2,700 attendees.
Last week, unidentified documents emerged in Japan claiming that William Weidner, head of Gaming Asset Management, is ineligible to participate in the bidding process due to improper conduct during his tenure as president of Las Vegas Sands. Gaming Asset Management acts as an advisor to Clairvest.
These documents were disseminated to the Japan Casino Regulatory Commission, Wakayama Prefecture Government, Clairvest, and its Wakayama branch, Clairvest Neem Ventures. However, ICE365 verified that none of the three recipients obtained these documents, nor did they receive a response from the Japan Casino Regulatory Commission.
Weidner labeled the documents as “meticulously staged yet unfounded defamation” that contains nothing “that constitutes criminal behavior.”
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