Operator News
Japan – Caesars to only own five per cent of Wakayama IR
By Phil - 9 February 2022
Caesars Entertainment will only hold a five per cent share of the Integrated Resort casino destined for Wakayama prefecture’s Marina City with Canada-based Clairvest Group holding a 55 per cent share and and 40 per cent held by other investors.
In documents published by the prefecture, operation of the JPY470bn (US$4.1bn) IR will be handled by Wakayama IR Co Ltd, an entity currently in the process of being established. Listed members included Clairvest Neem Ventures (Tokyo) and its parent company Clairvest Group, along with Caesars Entertainment.
The aim is to open in the autumn of 2027.
These three entities will invest an initial JPY 87bn (US$753m) combined. Local investment will come from Nishimatsu Construction Co., to the tune of JPY 58bn (US$502m). Credit Suisse could also finalise the majority of the remaining JPY325bn (US$2.8bn).
The plan is to build an IR at Wakayama Marina City, covering 569,000 sq. m. with the gaming floor taking up 38,000 sq. m. There will be 2,700 hotel rooms, an international exhibition hall and conference hall and a focus on nature with a theme of ‘a land of wood and a land of water.’
