Clairvest Group, a Toronto-based private equity firm, has been named the preferred operator for the Japanese city of Wakayama. This puts the prefecture ahead of the other three regions pursuing Integrated Resort casinos.
Clairvest will invest US$4.3 billion in an IR in Wakayama Marina City. It will span 569,000 square meters and include a 38,000-square-meter gaming floor. There will be 2,700 hotel rooms, an international exhibition hall and a conference center. There will also be a focus on nature with the theme “a land of wood and water.”
“It is a great honor to be selected as a preferential candidate in the operator open recruitment,” Clairvest Group said. We hope to realize an IR ideal for Wakayama and collaborate with the prefecture to develop an excellent plan based on discussion with Wakayama residents.”
Suncity Holdings, which withdrew from the race last month, received a higher score than Clairvest. Suncity has developed from a Macau junket operator into an operator of Integrated Resort casinos with Tigre de Cristal Resort in Vladivostok, Hoiana in Vietnam, and soon Westside City in the Philippines.