Yokohama is budgeting US $ 3.4 million for the casino tilt in 2021
Japan’s Yokohama (pictured) on Friday announced its city council’s draft budget for fiscal year 2021, including JPY 360 million ($ 3.4 million) for work related to the city’s efforts to build a casino complex or an integrated resort (IR ) get known in this nation.
According to the Japanese correspondent of GGRAsia, the sum was earmarked for the city’s urban development office.
The 2021 budget IR-related effort would include JPY 83 million to be used in various ways for the city’s IR development plan and Yokohama request-for-proposal (RFP) process.
The latter is aimed at private sector companies interested in being Yokohama’s partner in a casino resort as mandated by national-level protocols.
According to the GGRAsia correspondent, the metropolis is expected to spend a larger amount within the budget – ie JPY 102 million – on “promoting public understanding” of the benefits of an IR.
A number of community groups have opposed the idea of having a casino resort as a form of local economic stimulus and as a means of promoting inbound tourism.
Yokohama City Council held a plenary session in early January voted against calls for a draft regulation a local referendum on the subject of IR.
Other items in the JPY 360 million budget for IR-related work include: JPY 155 million to research infrastructure and traffic access to an IR site in Yokohama; and JPY 20 million to conduct a background check on RFP participants with regard to their respective suitability as partners.
The news that the money is slated for 2021 came a little over a week after Yokohama announced on Jan. 21 the timeline for his tender.
The RFP process has two phases: the first runs from February to May, followed by a second phase between June 1st and June 11th.
Five out of seven private companies that had previously expressed an interest in partnering with Yokohama also participated in the city new phase of the concept requestconfirmed the metropolis on January 21.
These included: Macau operator Galaxy Entertainment Group Ltd; Genting Singapore Ltd, sponsor of the Resorts World Sentosa casino complex in Singapore; global casino group Melco Resorts and Entertainment Ltd; Japanese entertainment and games conglomerate Sega Sammy Holdings Inc; and the Japanese group Shotoku Corp.
The two that went down since the first RFC phase were Las Vegas Sands Corp and Wynn Resorts Ltd, two US-based groups that are also parent companies of the Asian casino business.