Clairvest Neem Ventures’ Wakayama Marina City-based integrated resorts concept names Caesars Entertainment as the casino operator.
The operator claims it joined the group “in full compliance with Japanese law and with no capital commitment” in order to compete for one of three licences set to be awarded next year.
CNV announced Groupe Partouche and AMSE Resorts Japan as consortium partners for their proposal earlier this year.
This happened after the company, a subsidiary of Toronto-based private equity management firm Clairvest, was chosen by Wakayama earlier this month to proceed with the offer after the sole other rival, Suncity Group, withdrew.
Last month, the Japanese prefecture became the first in the country to sign a fundamental deal with CNV. According to reports, the projected investment would be US4.3 billion (JPY470 billion), up from the earlier estimate of US2.6 billion (JPY279.9 billion).
Eddie Woo, CNV’s representative director said: “We are thrilled to partner with Caesars Entertainment.
“Caesars and CNV share a common vision for Japan’s national IR program.
“Not only will it serve to enhance the economic recovery from the COVID-19 pandemic through increased international visitation, but we are confident that together we can create a resort that provides significant local economic stimulation in Wakayama prefecture, throughout the Kansai region and the rest of Japan.”
Caesars, like with a number of foreign firms, set their sights on building and managing a Japanese IR after the country’s government passed a contentious new law in 2018.
Hokkaido, Yokohama, Tokyo, Osaka, and Okinawa were rumoured to be potential destinations, but the group withdrew as it worked to complete its $17.3 billion merger with Eldorado Resorts.
“Caesars is an iconic brand, and we are proud to partner with CNV to bring it to Japan,” added Tom Reeg, CEO of Caesars Entertainment.
“We believe our experience blends perfectly with CNV’s and look forward to creating something special with them for the Kansai region.”