Akihabara News (Tokyo) — A special committee of the Wakayama Prefectural Assembly questioned local government officials about the Clairvest Group and its consortium which aims to build an Integrated Resort (IR) including a casino at the Marina City location.
Assemblymen complained that the nature of the Clairvest consortium remained opaque with comments such as “I don’t understand what the actual situation is” and “I can’t see the shape of this consortium and why it should be regarded as being credible.”
Hisashi Tajima, the prefectural official in charge of IR policy responded, “Of course, we cannot go until the end with this current situation, and we are making efforts to reveal the shape and form of the consortium in November.”
Assembly members also pointed out that there was yet little evidence that the Clairvest consortium could secure the financing necessary for the IR investment.
Indeed, Clairvest Neem Ventures is creating an impression that it wasn’t fully prepared to win its IR bid in Wakayama. It was, after all, on track to lose the contest until Suncity Group abruptly pulled out of the race in May.
Clairvest didn’t even open a local office in Wakayama until a few weeks ago, well after it’s bid had been selected.
Moreover, it was less than two weeks ago that it was announced that Caesars Entertainment would be joining the consortium as the casino operator. It has yet to be clarified where that leaves
Groupe Partouche, which many observers had assumed would be running the casino at the time Clairvest won its bid.
It’s difficult to avoid the conclusion that the prefectural government cannot yet give clear answers to the assembly precisely because Clairvest Neem Ventures is now scrambling to figure out how it can deliver what it promised. A lot of preparations that should already have been firmly in place are only being addressed at this belated stage, including the shape of the consortium and its financing arrangements.
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