The Nagasaki Assembly has voted in favor of the development of an integrated resort to be operated by Casinos Austria International (CAI). This decision marks a crucial step forward for CAI’s proposal, which was selected as the preferred bidder by the Nagasaki government in September of the previous year. The approval by the prefectural legislature was necessary before the proposal could be submitted to the Japanese national government for final consideration. With 42 out of 45 members voting in favor of the CAI resort, the project is set to be situated at the Huis Ten Bosch theme park.
Nagasaki Assembly’s Overwhelming Support for CAI Resort:
Of the 45 members of the Nagasaki Assembly, an impressive majority of 42 members approved the plans for the integrated resort to be operated by Casinos Austria International. The proposed location for the resort is the renowned Huis Ten Bosch theme park, which is expected to enhance the overall appeal and tourism opportunities in the region. The overwhelming support signifies the confidence in CAI’s ability to deliver a successful project and demonstrates the local government’s commitment to driving economic growth through integrated resorts.
Addressing Concerns and Opposition:
When the resort plan was initially announced, concerns were raised regarding Casinos Austria International’s ability to finance the project. However, in March, a “draft development plan” was introduced, outlining CAI’s proposal to secure financing, construct the resort, and manage its operations. This plan aims to address financial concerns and provide transparency to stakeholders and the public. While some opposition arose from competitors, such as Oshidori International, which withdrew from bidding citing concerns over the RFP process, the Nagasaki Assembly’s decision signifies the confidence in CAI’s proposal.
Investment and Financing Details:
The total investment for the Nagasaki integrated resort project is estimated to be JPY 483.3 billion. These funds will be allocated towards real estate acquisition, construction, and operation of the resort. Approximately JPY 175.3 billion of the budget will be sourced through investments, with CAI and other businesses becoming shareholders in the operation. CAI will contribute 60% of the JPY 175.3 billion, while non-Japanese businesses will contribute 30%, and the remaining 10% will come from Japanese businesses. This diverse investment structure showcases the international collaboration involved in the project.
IR Development Landscape in Japan:
While the Nagasaki Assembly’s approval is a significant milestone, it is essential to note that Nagasaki and Osaka are the only two locations that have received approval for integrated resort development thus far. The central government of Japan has the authority to approve up to three locations for these projects. With Wakayama’s proposal being voted down this week, the competition for the remaining spot is intensifying. As the selection process continues, attention will be focused on the potential candidates and their ability to present compelling and sustainable proposals.
The Nagasaki Assembly’s approval of Casinos Austria International’s integrated resort proposal at the Huis Ten Bosch theme park represents a major step forward in Japan’s pursuit of developing world-class resorts. The overwhelming support from the assembly members showcases the confidence in CAI’s ability to deliver a successful project.
With financial concerns being addressed and international investments secured, the Nagasaki integrated resort is poised to contribute to the region’s economic growth and tourism industry. As the landscape of integrated resort development in Japan evolves, the attention now shifts to the remaining selection process and the potential for further groundbreaking developments in the country.