The opposition to a Yokohama-based integrated resort has gained more ground, as a number of local and international casino and entertainment organisations begin to narrow in on preferred locations, reports Inside Asia Gaming.
Last month two local groups contacted city officials with a request to put an end to the work being undertaken on an IR bid, with Yokohama Port Association and Yokohama Port Harbor Resort Association, both chaired by Yukio Fujiki, stating that a potential development is unacceptable due to resident unrest.
Stressing that any construction at Yamashita Pier, where it is believed a Yokohama IR would be located, “must only proceed if the goal is wholesome and can attain the majority agreement of the residents”.
The latter of those opposition groups has gone a step further, announcing its own JPY 780bn (£5.7bn) redevelopment plan containing an international exhibition hall, luxury hotel, concert hall and harbour, with a Formula One racing circuit track also scheduled, and net profits forecast at JPY 45bn (£332m).
Earlier this year a request for information conducted by Yokohama City revealed that capital investment for a resort could reach JPY 1.3tn (US$11.9bn), however it hasn’t deterred interested parties, with six firms, four of which have interests in Macau, still holding an interest in a potential construction.
The lowest figure mentioned was in the JPY 620bn (US$5.66bn) region, with it also determined that revenue gleaned from such a facility could be in the JPY 350bn (US$3.2bn) to JPY 880bn (US$8bn) ballpark, with annual earnings before EBITDA potentially reaching JPY 80bn (US$730m) to JPY 210bn (US$ 1.9bn).
Nine of the responds to the request for information by Japan’s second most populous city were willing to be named, and are Caesars Entertainment, Capital and Innovation, Galaxy Entertainment, Genting Singapore, Las Vegas Sands, Melco Resorts, MGM Resorts, Sega Sammy, Sotoku and Wynn Resorts.