Wakayama prefecture plans to purchase land of IR candidate site

The Wakayama Prefectural Government has reached an agreement to purchase the IR development candidate site at Marina City in the event that Wakayama wins its licensing bid at the central government level.

The plan is that the Wakayama government would buy the land for about JPY7.6 billion (about $70 million) from the trust company that currently owns it, and then would sell the land to the IR operator consortium.

The purpose of this maneuver would be to protect the IR operator from price fluctuations as the land became more valuable.

Wakayama is expected to select its IR operator partner next year, and will probably publish its selection timeline before long, now that Osaka has done so.