Nagasaki IR Financing Is Reportedly Stable, Construction to Begin in 2023

Nagasaki IR at Huis Ten Bosch is highly likely to become a reality according to a government representative who spoke to Inside Asian Gaming. Even though there have been concerns of whether Casinos Austria International Japan, the preferred partner of the prefecture will fund the project, the case is now looking strong.

The Total Cost of the Integrated Resort Is around $3.8 Billion

The total price tag of Nagasaki IR at Huis Ten Bosch is set at JPY 440 billion ($3.6 billion). Although CAIJ was not provided with a lot of details concerning the project, it will likely fund JPY175 billion ($1.5 billion) with some international and domestic sources. The rest of the money will be acquired via a debt.

In August 2021, Nagasaki Prefectural Government confirmed that the project will face a couple of architectural changes, but the overall cost will remain the same. As a way to increase the symbolism of the venue, the government decided to use curved surfaces. Back then, the government stated that CAIJ is likely to be the main partner.

Some concerns were raised concerning the cost of the project and regarding CAIJ. One Nagasaki resident stated that even though he’s happy that an IR will be built in the city, he’s concerned about whether the funds will be raised as it seems pretty hard to do so.

The prefecture responded to this inquiry by saying that specific measures have been undertaken and currently, arrangements are being made for better financial stability.

Public hearings will be held on March 28 and March 30. During these hearings, locals will have a chance to air out their opinions and on April 28, the area development plan for the IR will be drafted by Nagasaki and submitted to the central government.

Integrated Resorts Will Be Available in Three Japanese Cities

The bicameral legislature of Japan opened its doors to three IR licenses in 2021. The cities and prefectures have until April 28 to submit their proposals.

In the beginning, Osaka and Nagasaki were locked in to submit a proposal and there was space for a third city. Even though Yokohama was supposed to be the third location, it dropped out after its new mayor canceled the IR plans of the city.

Reports claimed that Tokyo might be interested in submitting a proposal, but the city dropped out as well. Finally, talks of Wakayama being the third location for an IR have been gaining traction and new details on a potential development were released at the start of February.

Construction on the Nagasaki IR is set to begin in 2023 if everything goes as planned and the doors are scheduled to be opened in 2027. The IR in Osaka is scheduled to open two years later. As for Wakayama, its mayor sees this as an opportunity that cannot be passed, which is why he’s pushing to get things done.