Caesars Entertainment will own only 5% of the Integrated Resort casino planned for Marina City in Wakayama Prefecture, with the Canadian-based Clairvest Group owning a 55% stake and the remaining 40% held by other investors.
According to documents released by the prefecture, the operation of the JPY470 billion (US$4.1 billion) IR will be managed by Wakayama IR Co Ltd, a company that is presently being formed. Clairvest Neem Ventures (Tokyo) and its parent firm Clairvest Group, as well as Caesars Entertainment, were listed as members.
In the autumn of 2027, the goal is to open.
These three companies will invest a total of JPY 87 billion (US$753 million) in the beginning. Nishimatsu Construction Co. will make a JPY 58 billion (US$502 million) local investment. Credit Suisse may also complete the majority of the remaining JPY325 billion (US$2.8 billion) in transactions.
The proposal is to construct an IR at Wakayama Marina City that will occupy 569,000 square meters, with a gaming floor of 38,000 square meters. There will be 2,700 hotel rooms, an international exhibition hall and conference center, and a focus on nature with the theme “a place of wood and water.”