Wakayama Prefecture partners with Toronto-based Clairvest Group to bring an integrated resort (IR) to the region. Clairvest has submitted an IR plan that will cost $4.3 billion, though considerably higher than the $2.5 billion Wakayama Prefecture government sought.
Wakayama officials hope the casino resort dream will be fruitful in the coming years. Clairvest bid was alone in the bidding race after Suncity Group withdrew its candidacy in May. Clairvest private equity firm is not new in gaming and has investments in Chile and Canada.
Clairvest is partnering with Groupe Partouche, a French-based casino and hospitality firm, to build a casino and entertainment resort complex at Marina, south of downtown Wakayama.
The IR will include 2, 700 hotel rooms, a convention center capable of hosting 3000 attendees, and a massive casino covering more than 400, 000 square feet.
Wakayama leaders are evaluating whether the casino project will spur tourism to the region, create jobs, and generate tax that will bring economic benefits. Four cities are expected to bid for the three IR licenses and Wakayama scheme to beat at least one.