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Nagasaki Assembly Green Light Prefecture IR Plan

The plenary session of the Nagasaki Prefecture Council voted Wednesday (April 20) to approve the final proposal for the IR district development plan, which includes a proposal for a casino complex in a large Japanese city.

According to GGRA's Japan correspondent, the prefecture will now have to submit its plan to the national government before the April 28 deadline.

The final draft of the plan was announced by the current government on Monday. On Tuesday, a full committee of parliament voted in favor of the plan.

The estimated cost of the Nagasaki plan is 438.3 billion yen ($3.5 billion), including 175.3 billion yen through equity capital.

According to GGRAsia's Japan correspondent, updates on IR plans refer to only Nagasaki's private sector partner, Casino Australia International Japan Inc., as equity investors.

Of the total cost of 438.3 billion yen, 263 billion yen will be spent through debt. According to GGRAsia's correspondent, the mandatory lead arranger has not yet been disclosed.

Last week, CBRE Group Inc, a U.S. commercial real estate services and investment company, was reported to be involved in some financing.

Under the liberalization program, up to three casino resorts will be allowed nationwide. The country's government calls for the inclusion of documentation in its IR regional development plans as proof of its ability to finance such plans.

Such paperwork must be in the form of so-called "commitments" that Japanese authorities consider legally binding with respect to certain conditions, according to GGRAsia's Japan correspondent. However, local governments have "decided not to show the commitments to parliament," according to committee discussions.

On Friday, the Sasebo City Council officially voted in favor of Nagasaki's IR district development plan. The resort will be located at the Huisten Bosch Theme Park (photo) in Sasebo, which is part of Nagasaki Prefecture.

BY: 우리카지노탑

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