Caesars Entertainment has teamed up with a group led by Clairvest to make a proposal for the development of a combined resort in Wakayama Prefecture, Japan.
The group, Clairvest Nim Ventures, consists of Canadian private equity giant Clairvest Group, former Las Vegas Sands President and COO William Weidner, and a number of gaming and esports leaders.
These include Bradley Stone, former President of Global Operations and Construction at Sands; Gary Sanders, former head of operations at MGM Resorts; and Mario Ho, Chairman and Co-CEO of esports organization NIP Group.
Caesar’s statement did not mention the group’s past involvement in the casino business, the Patoush Group.
“We are thrilled to partner with Caesars Entertainment,” remarked Mr. Ho, Director of Clairvest Nim Ventures. “Caesar’s and CNV share a common vision for Japan’s National Integrated Resort program.
“It will not only help the economy recover from the COVID-19 pandemic by increasing international travel, but we believe we can work together to create a resort that will bring significant local economic growth to Wakayama Prefecture, the entire Kansai region, and other parts of Japan.”
Caesars Entertainment’s chief executive, Tom Reeg, stated that the company’s brand is “legendary” and he is delighted to collaborate with the group to bring it to Japan.
“We believe our expertise is a perfect match with CNV and anticipate creating something exceptional for the Kansai region with them.”
Although Wakayama has not yet been chosen as one of the three integrated resort locations in Japan, the Clairvest Neem Consortium was selected as the city’s partner in June.
The group has suggested a 569,000 square meter facility in Wakaura Bay, which includes a 38,000 square meter gambling area, as well as conference facilities, a Japanese cultural heritage museum, and an esports arena.
Following the signing of a fundamental agreement with the city in August, the Wakayama Prefectural Government will now work with the group to develop a regional development plan outlining how the facility will enhance tourism and development. The plan must be submitted to the Japanese government by April 2022.
Wakayama is the third region to select its integrated resort partner, after Nagasaki. Nagasaki has partnered with Austrian International Casino & Resort and signed a fundamental agreement. Osaka has only one bidder, a group formed by MGM Resorts and Orix.
However, Yokohama withdrew from the integrated resort project after Takehara Yamaga was elected mayor. He opposed the project during his campaign.
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