{"id":231096,"date":"2022-09-09T09:32:34","date_gmt":"2022-09-09T14:32:34","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=231096"},"modified":"2022-09-09T10:39:12","modified_gmt":"2022-09-09T15:39:12","slug":"nagasaki-ir-draws-investment-interest-from-cantor-fitzgerald-credit-suisse","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/nagasaki-ir-draws-investment-interest-from-cantor-fitzgerald-credit-suisse\/","title":{"rendered":"Nagasaki Resort Draws Investment Interest From Cantor Fitzgerald, Credit Suisse"},"content":{"rendered":"

Japan will soon announce whether it will accept proposals submitted by Osaka and Nagasaki<\/a> officials for an integrated resort (IR). If Nagasaki makes the cut, Cantor Fitzgerald and Credit Suisse are both reportedly willing to open their bank accounts to the casino project.<\/p>\n

\"Downtown
Downtown Osaka, Japan at night. Two global financial giants have expressed an interest in backing the prefecture’s IR plans. (Image: joymckinnon.com)<\/figcaption><\/figure>\n

The IRs that Osaka and Nagasaki envision won\u2019t come cheap. Osaka\u2019s resort costs are projected at around $9 billion. In Nagasaki, the project will run about $4 billion. However, the prefectural government will shoulder a considerable amount of that.<\/p>\n

This is where Cantor Fitzgerald and Credit Suisse come in. GGRAsia<\/em> reported that Nagasaki Governor Kengo Oisho stated this week that they have offered their financial services.<\/p>\n

Safe Investments<\/h2>\n

Nagasaki estimates the annual gross gaming revenue (GGR) it receives from the IR\u2019s casino will reach JPY150 billion (US$1.05 billion). The prefecture will receive JPY22.5 billion (US$157.83 million), or 15% of that.<\/p>\n

The involvement of the two global financial firms would seem to indicate that they’re optimistic about the success of Japan\u2019s IR plans. Credit Suisse and Cantor Fitzgerald have been actively looking for ways to be part of the proposed development, having sided with Wakayama<\/a> when it was still in the race.<\/p>\n

The companies could provide as much as 80% of the equity needed for Nagasaki\u2019s project, according to Oisho. Both have presented \u201ccommitment letters\u201d outlining their potential involvement. The governor made the revelation during a regular meeting of the prefecture\u2019s IR committee this past Tuesday.<\/strong><\/p>\n

Whether Nagasaki needs the investments, or can use them, remains open. The Japanese national government needs to make its selections first.<\/p>\n

\n

In accordance with the rules the national government established, as many as three IRs were possible in the first round of approvals. In spite of huge global interest at first, there were only two final candidates.<\/p>\n<\/div>\n

Japan<\/a> can choose one, both, or none of the IR proposals. If it chooses none, the project could be scrapped. If, on the other hand, it chooses to move forward with both, the first IR could arrive in 2027. Nagasaki believes it can complete its work by then, while Osaka is eyeing 2029 for its grand opening.<\/p>\n

Japan\u2019s IR committee should announce its decision before the end of the year.<\/p>\n

Nagasaki Theme Park Changing Hands<\/h2>\n

A popular destination for tourists adjacent to the land for Nagasaki\u2019s proposed IR has a new owner. The Japanese travel agency H.I.S. had been considering a sale<\/a> of the Huis Ten Bosch theme park for a couple of months. At the end of last month, it finalized a deal.<\/p>\n

H.I.S. is selling its roughly 66% stake in the theme park to PAG, a Hong Kong-based private asset management firm. The sale will give it around $482 million, although H.I.S. probably hoped for more.<\/strong><\/p>\n

When the company announced the potential sale, the travel agency only mentioned a price of \u201ctens of billions of yen.\u201d That provides a wide range of options. But the park\u2019s location should certainly warrant greater value. PAG got a steal, as it had valued the H.I.S. stake at around $701.4 million, according to Japanese media.<\/p>\n","protected":false},"excerpt":{"rendered":"

Japan will soon announce whether it will accept proposals submitted by Osaka and Nagasaki officials for an integrated resort (IR). If Nagasaki makes the cut, Cantor Fitzgerald and Credit Suisse are both reportedly willing to open their bank accounts to the casino project. The IRs that Osaka and Nagasaki envision won\u2019t come cheap. Osaka\u2019s resort […]<\/p>\n","protected":false},"author":64,"featured_media":231095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[81913,13363,82745,48],"acf":[],"yoast_head":"\nNagasaki Resort Draws Investment Interest From Cantor Fitzgerald, Credit Suisse - Casino.org<\/title>\n<meta name=\"description\" content=\"Japan will soon announce whether it will accept proposals submitted by Osaka and Nagasaki officials for an integrated resort (IR). 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