Yokohama, one of the vibrant port-cities in Japan, has been taking quick and vital initiatives to select the firm that will win one of the three 40-year licenses for the country’s forthcoming integrated casino resort projects. The government officials of the city have published the implementation policy guidelines for the highly-anticipated campaign. The government has opened the window for proposal submission starting from February 5 until May 17, 2021, for interested casino entities.
According to the report, Honshu, the most populous island of Japan with a 3.7 million population, is looking forward to launching a Las-Vegas-based establishment in the region. The facility will be spread to a 116-acre waterfront area of land close to Yamashita Park. It will include a lavish casino, chain of hotels, exhibition centers, and retail clusters for the visitors.
The authorities are planning to kickstart the integrated casino resort operations by 2025 as per the set schedule. To bring this project to reality, the authorities must choose a foreign entity before holding public hearings and submitting the license application for the selectors’ council’s vote. The deadline for the report submission has been set to April 2022 by the council.
Yokohama government initiated the request-for-proposal phase of the licensing process in December 2019 and received applications from seven leading channels. The firms that applied for the project were Galaxy Entertainment Group Ltd., Melco Resorts and Entertainment Ltd., Genting Singapore Ltd., Sega Sammy Holdings Incorporated, Wynn Resorts Ltd., Las Vegas Sands Corporation, and Shotoku Corporation. However, the firm was compelled to disregard the earlier process and start the registration again because of the coronavirus pandemic’s unforeseen onset.
The implementation policy highlights the pre-requisites which a firm needs to fulfill. The aspiring entities need to present a unique landscape design for the casino resort. They need to adhere to the policies that will facilitate the creation of the smart cluster and sustainable street layouts.
The authorities want the selected firm to focus on implementing important measures related to infrastructure development, economic revival, public health, disaster management, and tourism empowerment. The interior of the space should be appealing, and the gaming section should not cover more than 3% of the total floor area of the venue. The officials anticipate a boost of 60 million annual foreigner visits to the casinos by 2030 via Japan’s IR plans. The casinos are likely to fetch $14.5 billion in funds yearly for the city.
The post Yokohama Unveils IR Timeline for Casino Resorts appeared first on TimesOfCasino.
Source: Yokohama Unveils IR Timeline for Casino Resorts