Wakayama Govt Signs IR Agreement with Clairvest

The Wakayama Prefectural Government has signed a basic agreement with a Clairvest-led consortium to operate an integrated resort (IR) in the prefecture. The agreement is the first such contract to be signed by a Japanese prefecture.

The agreement includes “matters concerning the cost burden” for the consortium, as well as details about the establishment of an IR company and integrity matters.

Now, the prefecture and the consortium will jointly work on an area development plan, explaining how the IR will contribute to development and tourism in Wakayama. This plan will be submitted to the Japanese central government by the 28 April 2022 deadline.

If the site, which will be located in the city’s Wakanoura Bay, be selected to host one of Japan’s three integrated resorts, Clairvest will construct a 569,000 square metre facility, of which 38,000 square metres will be a gaming floor.

The property will also include a large conference hall, taking up approximately 45,000 square metres, as well as a number of facilities such as a Japanese heritage museum, restaurants, an esports facility and an urban sports park. It will also be able to host 2700 guests.