Canada-based private equity management firm ClareBest Group on Monday announced two new partners in its effort to develop an integrated resort (IR) in Japan’s Wakayama Prefecture. They are French casino operator Groupe Partuche SA and AMSE Resorts Japan Inc, the latter linked to former casino executive William Widener.
Clarevest Nim Ventures was last week confirmed by the Wakayama government as a tilted business partner in attracting the prefecture’s casino resort.
According to corporate data released on the current website, the Clarevest Nim Ventures proposal (artist’s rendering photo) is estimated to have an “initial investment” worth 470 billion yen ($4.3 billion).
On Monday, Clarebest said in a statement that the consortium would have “the expertise of the two most experienced teams” in the development and management of casino resorts.
The statement quoted Jeff Parr, vice chairman and managing director of Clarebest Group, as saying the company had “shared a common vision” with its two new partners and that the consortium would help Wakayama “strengthen the economic recovery after the COVID-19 pandemic.”
AMSE is linked to Mr Widner, former president and COO of casino group Las Vegas Sands Corp, and is backed by Global Gaming Asset Management LLC (GGAM), according to the data.
Mr. Weidner is the CEO of a group that includes Bradley Stone as president and Garry Saunders as vice president of GGAM. Mr. Stone is the former president of international operations and construction at Las Vegas Sands, and Mr. Saunders is the former COO of Melco Resorts and Entertainment Ltd., a casino development and operator.
AMSE also reportedly involved Mario Ho Yau Kwan, chief marketing officer at iDreamSky Technology, a company with experience in developing esports events and video games.
Listed on Euronext in Paris, Gruppe Partuche was founded in 1973 and operates a total of 42 casinos, mostly in France, employing nearly 4,000 employees.
The French company was originally involved in the effort to plan a casino resort in Nagasaki Prefecture, Japan, first with Osidori International Holdings, a Hong Kong-listed company, and later with Tokyo-listed Pixel Companies. The latter consortium, however, was not selected by Nagasaki authorities given the prefecture’s tilt at the casino resort.
Local governments interested in attracting casino resorts must first select a commercial partner and apply for a lien for the facility to the national government concerned. Under the relevant legislative system, up to three resorts will be allowed in Japan.
The Wakayama government approved ClareBest Nim Ventures, making it the first private IR partner identified by the Japanese local government.
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