As reported by the Wakayama Prefecture government, this Japanese region has already announced the start of a consultation period in which the prefecture intends to invite all interested parties regarding its plan to bring one of the nation’s trio of fully integrated casino resorts. Wakayama Prefecture is located in the Kansai area on Honshu Island.

The capital city of the prefecture is Wakayama. As estimated in October of 2017, Wakayama Prefecture has a population of almost one million citizens. Since 1996, the prefecture population has been declining and according to reports from 2010, it is the only Japanese prefecture situated in the Kinki area with a population below one million citizens. While its population has been declining, Wakayama Prefecture enjoys millions of visitors who come to visit hot springs located in this area including Yunomine Onsen, Kawayu and Shirahama.

Wakayama Hoping to Benefit from 2018 Federal Legislation

As reported by GGRAsia several days ago, this southern jurisdiction of Honshu island is definitely hoping to benefit from the latest deferral legislation regarding the casino and entertainment industry which was passed in the summer months of 2018. Just like several other Japanese prefectures, Wakayama Prefecture is hoping to be given necessary permissions which will allow the prefecture to bring one of the nation’s three Las Vegas-style gambling resorts complete with exhibition facilities, hotels, casinos, and retail elements.

The government of Wakayama Prefecture is hoping to bring such casino resort to a fifty-acre land plot which is a privately owned land located on the artificial island of Marina City. Wakayama Marina City is a smaller resort town that is built fully on an artificial island of one hundred and twenty-one acres in Wakaura Bay which is part of the much bigger Osaka bay. Wakayama Marina City is located only a forty-minute train ride from the Kansai International Airport which is also located on an artificial island.

Facing Several Serious Competitors

Wakayama Prefecture which is home to around 950,000 citizens has already received major interest from several international casino operators including Groupe Lucien Barriere which is a French hotel and casino operator. However, the Japanese prefecture of Wakayama is facing rather serious competition from eight other communities which are also hoping to be given necessary permissions to run one of the nation’s trio of casino resorts.

The prefecture’s main rivals include communities of Yokohama and Osaka which have also attracted several gaming and entertainment behemoths including Las Vegas Sands Corporation, Wynn Resorts Limited, Melco Resorts, and Entertainment Limited and MGM Resorts International among several other big brands.

It was also reported by GGRAsia that the Japanese prefecture of Wakayama already proclaimed that its casino plan consultation period will run until the 3^rd of March. The prefecture’s government has already invited all interested parties including interested casino and hotel operators to pass their comments on the prefecture’s draft integrated casino resort implementation policies.

These policies lay out all information regarding what the prefecture expects from a private casino and entertainment operators to bring to the official bidding process. The draft integrated resort implementation policies also include provisions that would require the international firm to develop a distinctive facility with a minimum price tag of $10 billion that has to feature a casino floor that would not occupy over three percent of the venue’s floor space. The prefecture hopes to hope its envisioned fully integrated casino resort in four years from now. In the meantime, it has until the 30^th of July 2021 to submit its final, official plan to federal selectors.

In the capital city of the Japanese Osaka Prefecture, the race for the city’s fully integrated casino resort is down to only three runners including the Genting Malaysia Berhad company, MGM Resorts International, and Galaxy Entertainment Group Limited. According to one reported by Inside Asian Gaming, the Honshu’s officials revealed back at the beginning of summer 2019 that seven international companies had expressed their interests in running the city’s envisioned casino resort.

However, as reported recently, this club of interested foreign companies has been thinned following decisions by the Las Vegas Sands Corporation company and Melco Resorts and Entertainment Limited to focus on two other Japanese cities instead of Osaka, Tokyo, and Yokohama. The same news outlet also reported that there are three foreign companies still interested in running the Osaka’s integrated casino resort.

The Trio Already Involved in the Request for Concept of the Bidding Process

As reported also by Inside Asia Gaming, the three foreign operators with a firm interest had already taken part in the bidding process’ RFC or request for concept part of the deal. Before doing so, the three runners were required to present a number of specifications for their envisioned developmental projects including the scale and size of their hotel facilities as well as size of their envisioned exhibition and convention facilities.

The three runners will soon engage in business talks with the Osaka’s officials before more formal talks can take place. Furthermore, the trio also has to reveal its formal RFP or request for proposal applications for the main selection process. Before selecting any project, the city of Osaka has to hold several public consultations. Moreover, the city also has to submit its final decision to Tokyo’s federal selectors.

Once one proposal is selected, the winning company will most likely be required to invest around $10 billion on building a Las Vegas-inspired facility which will feature not only a massive casino floor with thousands of games, but also several hotel facilities alongside exhibition and convention facilities and a special attraction aimed at international tourists outside of the Asian region.

The City Hopes to Have New Casino Resort Running by 2024

It was also reported that the city of Osaka hopes to utilize a massive, one hundred and twenty-one-acre plot located on Yumeshima Island for its integrated casino resort scheme. The city also hopes to have this newly integrated gambling-friendly facility running somewhere in 2024 ahead of its popular international exhibition the World Expo 2025. As previously mentioned, the three foreign companies which are still in the game including Genting Malaysia Berhad, MGM Resorts International, and Galaxy Entertainment Group Limited.

The company which has withdrawn from the city of Osaka’s race, Melco Resorts just recently announced its plans Yokohama First which will see the company focusing its efforts on the city of Yokohama instead of Osaka as previously envisioned. Another company followed these footsteps in abandoning Osaka, Las Vegas Sands which also wants to build in Yokohama or Tokyo. All on all, a bet on Yokohama or Tokyo is probably the right move for the company which will deal with some tough competition including Melco Resorts.

Several other big companies are extremely interested in Japan such as Wynn Resorts which also plans on expanding here in the time to come. All in all, both Melco Resorts and Wynn Resorts have said that Japan is among their most important expansion priorities. Since both of them are already present in Macao, they have proven their success in operating fully integrated, Asian casino resorts and this is what Japan also wants.