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Jerome García May 19, 2023 2 min read
Japan: Summit Ascent Plans Development of Luxury Hotel in Okinawa
Acquiring land for a new luxury hotel in Okinawa, Japan, Summit Ascent plans to benefit from synergies related to the country's plan for integrated resorts with casino gambling
Integrated resorts (IRs) offering casino gambling, hotel accommodation and amenities such as fine dining and entertainment options are proven to bring economic stimulus. Currently, most forms of gambling in Japan are banned, but an in effort to boost tourism, lawmakers have recently greenlighted a plan for an integrated resort, with casino gambling in Osaka.
The project is going to be developed by the gaming and entertainment industry giant MGM Resorts and has a price tag of $10 billion. Along with IRs, other related sectors can also benefit and this is precisely the plan of Summit Ascent Holdings, a company known as the majority owner of the Tigre de Cristal casino resort in Vladivostok, Russia. The Hong Kong-listed company recently unveiled its plans for the development of a luxury hotel in Japan, a report released by IAG reveals.
According to Summit Ascent, the project is expected to benefit from casino tourism, by delivering supreme hospitality options. The company explained: “Other related industries can also reap the benefits of casino tourism, such as the hospitality industry.” Additionally, Summit Ascent spoke about the “strong potential synergy” with the country’s IRs and the unique opportunities for cross-selling.
Purchasing Land for the Luxury Hotel
To develop the luxury hotel, Summit Ascent would need to first purchase land dedicated to the project. Given the potential such project can deliver, the company unveiled its plans to purchase a parcel of land that will be used for the development of the luxury hotel in Okinawa, Japan.
Reportedly, the company agreed to acquire land from LET Group Holdings. Although the latter owns 51% of the land, Summit Ascent is interested in acquiring a full interest in the parcel, including the remaining 49% which is owned by a private investor.
The price tag for the land which is close to 110,000 square meters is HK$280 million or $36 million in US currency. Still, the acquisition is contingent on shareholder approval. After that, as with most such projects, Summit Ascent will likely need to secure relevant approvals for the development of the project.
Although it may sound like a lengthy process, only a few years may be needed for the new luxury hotel in Okinawa to open its doors to visitors. Yet, currently, Summit Ascent hasn’t officially confirmed a timeline for the construction and projected dates for the opening of the new hotel.
Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.