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aesars Entertainment is joining Clairvest Neem Ventures in its Wakayama Marina City integrated resort project in Japan, announced both parties on Wednesday.
The Las Vegas-based casino giant is joining the development and operating consortium for the venue “in full compliance with Japanese law” and with no capital commitment, according to a press release statement.
“We are thrilled to partner with Caesars Entertainment,” said Eddie Woo, Representative Director of Clairvest Neem Ventures. “Caesars and CNV share a common vision for Japan’s national IR program.”
CNV is a private equity firm based in Canada, with experience in IR development and management in 30 different land-based gaming and entertainment resorts in Canada, U.S. and Chile. Through the combined experience of both parties, coupled with “the dynamic location and supportive regulatory policy,” CNV expects to develop a world-class IR destination.
“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, through the Kansai region and the rest of Japan,” added Woo.
Caesars currently operates more than 50 properties across its brand portfolio, making it one of the largest casino and resort operators in the world. “Caesars is an iconic brand, and we are proud to partner with CNV to bring it to Japan,” said Tom Reeg, CEO of Caesars Entertainment. “We believe our experience blends perfectly CNV’s and look forward to creating something special.”
Caesars had previously shown interest in Osaka, Yokohama and Hokkaido as possible locations for an IR development, although the company ultimately withdrew from Japan’s casino race in August 2019.
The company’s participation in Wakayama represents a first for it in the Asian gaming market. French casino operator Groupe Partouche SA and AMSE Resorts Japan Co Ltd were also identified as partners in a Clairvest announcement made in June, but neither business was mentioned in Caesars’ latest press statement.
Clairvest signed a Basic Agreement with Wakayama Prefecture to develop an integrated resort at Wakayama Marina City in August. A draft development plan is expected to be produced by November, followed by a submission to Japan’s government to apply for a casino license.
The Japanese government legalized casinos in 2018, and is expected to issue up to three licenses to operate integrated resorts nationwide sometime next year. MGM Resorts announced earlier this week that it partnered with the city and prefecture of Osaka on developing a nearly $10 billion resort.
