In Japan and the city of Yokohama has reportedly announced that it is pushing ahead with its plan to host one of the nation’s envisioned trio of integrated casino resorts and intends to publish its associated draft implementation policy early next month.
According to reports from GGRAsia and Inside Asian Gaming, Yokohama is hoping to take advantage of federal legislation passed in the summer of 2018 so as to be given permission to bring one of the three coming Las Vegas-style developments complete with multiple hotels, exhibition facilities, retail elements and a casino to a 116-acre waterfront parcel of land near Yamashita Park. The city of over four million inhabitants purportedly believes that the presence of such a gambling-friendly venue would help it to attract even more foreign and domestic tourists and lead to an annual tax windfall worth as much as ¥120 billion ($1.08 billion).
However, the country’s second largest city is set to face stiff competition from up to eight other candidate communities although it is said to have attracted interest from as many as seven potential international operating partners including the likes of Wynn Resorts Limited, Melco Resorts and Entertainment Limited and Las Vegas Sands Corporation via the initial request for concept (RFC) phase of its plan in December.
The source reported that Yokohama is now due to launch its draft implementation policy concerning the desired integrated casino resort on March 6 complete with language that would require the finished property to serve as a tourist and economic magnet highlighting local culture and traditions. From here and city leaders purportedly detailed that they expect to conduct a series of public consultations before formalizing the official implementation policy in June and launching the official request for proposal (RFP) stage of the process.
GGRAsia reported that the RFP phase of the process is to ultimately see Yokohama officially select an experienced international firm to build and operate its planned integrated casino resort, which is to come with a government-mandated minimum $10 billion price tag, before submitting its finished plans to a federal selection committee in advance of a July 30, 2021, deadline.
Yokohama explained two weeks ago that it is ultimately hoping to establish a seven-member committee consisting of local representatives and agents for Kanagawa Prefecture and the Kanagawa Prefectural Public Safety Commission that will be tasked with selecting the ultimate operating partner for its planned Japanese integrated casino resort.