The Wakayama prefectural government has officially approved Clairvest Neem Venture’s plans to develop an integrated resort in the city.
The company’s proposal consists of a facility of approximately 569,000 square meters in total size, including international conference halls, exhibition halls, restaurants, accommodation venues, and a casino.
The initial investment amount pledged by Clairvest for the development of the Wakayama IR is JPY470 billion (US$4.3 billion).
The prefectural government and Clairvest will now be looking to jointly formulate an area development plan in order to apply to the national government by April 28, 2022.
