Akihabara News (Tokyo) — Toronto-based Clairvest Group, the investment firm selected by Wakayama Prefecture to lead a consortium to build an Integrated Resort (IR) including a casino, reported more than US$22.6 million in profits in the July-September 2021 period.
The financial statement also noted that Clairvest’s book value (the value of their total assets minus the value of their total liabilities) had reached about US$711 million.
The Clairvest Neem Ventures-led consortium’s proposal is to construct a US$4.3 billion luxury casino resort at Marina City, featuring hotels, exhibition areas, and a casino.
Caesars Entertainment has agreed to become the casino operator, but it is not making a financial commitment at this time.
Clearly, most of the estimated US$4.3 billion in financing to create the Marina City IR would have to come from sources other than Clairvest. It remains unclear how the consortium will be structured and who will be paying the lion’s share of the initial costs.
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