Yokohama announces US$3.4 million 2021 budget for IR project

Content Team 3 years ago
SiGMA News
Yokohama announces US$3.4 million 2021 budget for IR project

The budget will go towards the promotion of the benefits of an Integrated Resort, the casino resort complex and the city’s Urban Development Bureau

On Friday, Japan’s Yokohama declared that the city will have a JPY360 million (US$3.4 million) budget for the financial-year 2021.

Yokohama’s 2021 budget will be set aside for the city’s Urban Development Bureau and casino resort complex, according to information gathered by GGRAsia.

From the total budget, a total of JPY83million allocated towards the Yokohama IR development plan and request-for-proposal (RFP) process.

YokohamaA GGRAsia correspondent also stated that a big portion of the budget, believed to be around JPY102million, will be spent to promote the benefits of an Integrated Resort so that the public will understand what an IR can contribute to the city.

This assigned budget towards the promotion of the benefits will be vital due to the high number of community groups that have acted as an obstacle towards the Yokohama IR plan.

Current situation

Yokohama launched its RFP on 21 January and the decision is expected to be made in summer which will see a chosen private-sector partner take on the project.

The RFP process includes two phases; the first running from February to May, followed by a second phase between June 1 and June 11. Currently, the RFP stage is open to all interested companies.

The Metropolis confirmed that five out of seven private-sector firms, that had previously expressed their desires for the Yokohama IR licence, have participated in the request-for-proposal stage, and those are;

  1. Macau operator Galaxy Entertainment Group Ltd;
  2. Genting Singapore Ltd;
  3. Melco Resorts and Entertainment Ltd;
  4. Sega Sammy Holdings Inc;
  5. Japanese group Shotoku Corp.The two US-based groups – Las Vegas Sands Corp and Wynn Resorts Ltd – had announced their withdrawal from Japan’s IR race last year.

Source: GGRAsia

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