Clairvest identifies as Wakayama IR partner

Japan’s Wakayama Prefecture government announced on Tuesday that it had approved a consortium led by Clairvest Nem Ventures Co. Ltd. as a partner for a tilt at Japan’s known casino resort development, or integrated resorts (IR), after a review process.

The Wakayama city government and the current public safety commission found no flaws in the Clarebest-led consortium and its proposal, the current IR promotion office confirmed. The consortium was the only competitor in the Request for Proposal (RFP) process established by local authorities.

Clarevest Nim Ventures is a subsidiary of Clarevest Group Inc., a Canadian-based private equity management firm. The Japanese venture, led by the company, became the sole suitor of Wakayama IR after receiving notice of withdrawal in May from Suncity Holdings Japan Inc., a company linked to entrepreneur Alvin Chowchuck, president of Suncity Group, a privately owned Macau junket investor.

Clairvest’s proposal for a Wakayama integrated resort plan is estimated to have an “initial investment” worth 470 billion yen ($4.3 billion). French casino operator Groupe Partouche SA and AMSE Resorts Japan Co Ltd. (the latter), a company linked to former casino executive William Weidner, are partners in Clairvest’s Wakayama plan, according to an announcement by Clairvest in June.

Japanese local governments interested in attracting integrated resorts must first select a business partner and apply for a business partner right to that local government. Under the relevant laws, up to three resorts are allowed in Japan.

In an announcement on Tuesday, Wakayama Prefecture said it would work with the ClareBest consortium to develop a casino resort area and apply to local governments by April 28, 2022. The date is also the deadline for local governments to submit their respective casino resort plans to Japanese municipalities.

BY: 메이저 토토사이트

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