The Japanese city of Yokohama has released its draft implementation policy, which could ultimately lead to the city being selected to host one of the country’s upcoming three integrated casino resorts.
According to a report from Inside Asian Gaming, Yokohama hopes to take advantage of the legislation passed in the summer of 2018 to qualify for a Las Vegas-style resort complex with multiple hotels, exhibition space, retail facilities and a casino on 116 acres of land near Yamashita Park. The giant city believes that having a gambling establishment will help it attract even more foreign and local tourists and lead to annual tax revenues of $ 1.08 billion.
However, the country’s second largest city faces stiff competition from up to eight other candidate communities, although it has reportedly generated interest from seven potential international operating partners, including:
- Wynn Resorts Limited,
- Melco Resorts and Entertainment Limited,
- Las Vegas Sands Corporation.
Inside Asian Gaming announced that the Yokohama casino implementation project will be used to select the preferred operating partner before the couple formally submit their final consensus proposal to a group of federal members by July 30, 2021. The document contains language that would require the chosen casino company to build an establishment with a cost of at least $ 10 billion to serve as a tourism and economic magnet that emphasizes local culture and traditions.
Yokohama is currently due to hold a series of public consultations on its draft implementation policy before revising this document during April and May. Inside Asian Gaming detailed that the Japanese city intends to launch a formal request for proposals (RFP) phase next year in the hopes of opening its integrated casino resort by the end of this decade.
An earlier report from Inside Asian Gaming states:
Nagasaki Prefecture says its competing bid could allow the Huis Ten Bosch theme park near the small town of Sasebo to open an integrated casino resort as early as 2025.
The Kyushu jurisdiction published its own draft implementation policy in December, and the language of the document is currently being finalized with an expected release date sometime later this year.
Nagasaki Prefecture explained that if it ultimately gets federal approval, its gambling establishment will open on 74 acres adjacent to the theme park between April 2025 and March 2026 to create between 28,000 and 36,000 new work places. Such a project has already attracted the interest of many international companies, including such as Casinos Austria International. Local officials are confident that their proposed site will attract up to 9.3 million visitors annually.