Sasebo City Council Approves Nagasaki IR Support

The Sasebo City Council has formally voted in favor of Nagasaki's IR district development plan, the basis on which Japan's prefecture is leaning toward having integrated resorts (IRs), including casinos.

The Sasevo vote was on Friday. The IR project (painted by an artist) will be held at the Huisten Bosch theme park in Sasevo, which is part of Nagasaki Prefecture.

The Sasebo City Council has expressed concerns about how the planned 438.3 billion yen ($3.5 billion) cost will be met. According to the GGRA's Japan correspondent, the Sasebo City Council also discussed whether the plan has the potential to benefit Sasebo.

Nagasaki authorities have yet to provide details on the source of the funding. Last week, CBRE Group Inc, a U.S. commercial real estate services and investment company, was reported to have some involvement in the financing plan.

The portion of the stake will be 175.3 billion yen, a 60% stake in Nagasaki's private sector partner Casino Austria International Japan Inc., a 30% stake in other foreign companies and a 10% stake in a Japanese company, according to previously disclosed information.

This week, Nagasaki Prefecture's parliament will discuss whether the prefecture will agree to submit its IR district development plan to the national government by April 28.

Under the liberalization agreement, up to three casino resorts will be allowed in Japan. Currently, Osaka and Wakayama are also expected to submit applications.

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