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Simon Deloit October 29, 2019 3 min read
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Suncity Group to Spend Up to HK$35 bln for Japan IR
- Suncity Group to spend between HK$30 billion and HK$35 billion (US$3.8 billion to US$4.5 billion) on an integrated resort in Japan
- The resort will be in Wakayama and will embrace the nature that surrounds the city
- Casinos Austria set to be the first international company to submit an IR business concept in Nagasaki
Suncity Group CEO, Alvin Chau, revealed that the company intends on spending HK$30 billion and HK$35 billion (US$3.8 billion to US$4.5 billion) on their anticipated IR in Japan.
Suncity Group Announce Final Budget for Japan IR
Suncity Group revealed an estimated budget for its anticipated Wakayama integrated resort. Alvin Chau, the group’s CEO, said the budget is set at HK$30 billion and HK$35 billion (US$3.8 billion to US$4.5 billion). According to Asgam, plans are already underway with the design of the IR in partnership with AEDAS, a global architecture firm.
This comes after Suncity made known its intentions for bidding for an IR license in Wakayama. Mr. Chau said that the IR will be an attraction for both traditional culture and entertainment.
In terms of culture, Mr. Chau noted that Wakayama glows with nature from the sea and mountains despite having a lower population than Yokohama or Osaka. He added that the integrated resort will bank on and embrace these cultural aspects. This he said during the 2019 IR Gaming Expo held in Osaka.
Suncity has been implementing an expansion strategy with recent stake acquisitions in Summit Ascent Holdings and Vietnam resort Hoiana. The former is the parent company to Tigre de Cristal operating in Vladivostok, Russia.
Questions about these latest rapid expansions popped up but Mr. Chau said that the company was simply embarking on new challenges. He also said that the company wasn’t doing anything special and that he doesn’t feel that they are growing at a rapid pace. In addition, Chau said that he believes they have what Japan needs.
Further, Suncity Group will be hoping to capitalize on their vast experience in the cultural events, concerts, and film production space in Hong Kong, Macau, and Mainland China to attract customers in Wakayama.
Casinos Austria Also Joins the Race
Casinos Austria International (CAI), an Austrian casino operator, has its eyes set for Nagasaki. The operator intends to build an IR in the city and by submitting their business concept for an IR, they become the first international company to do so.
On November 1, Nagasaki is set to launch an RFC. A public offering will commence in 2020 but before that, all IR operators will present their plans for hearing. The process is then expected to close in autumn after singling out one operator.
Christoph Zurucker-Burda, Casinos Austria CEO, broke the news over the weekend after taking a tour of the proposed site located at Huis Ten Bosch. Zurucker-Burda said that they isolated Nagasaki because it presented them with an ideal opportunity for entering the market.
According to Zurucker-Burda, the company’s vision for the IR is to include medical, music, and cultural elements. The Austrian government owns 34% in Casinos Austria, making it the biggest shareholder in the company that owns subsidiary, Casinos Austria International (CAI).
Image credits: macaubusiness.com
Simon is a freelance writer who specializes in gambling news and has been an author in the poker/casino scene for 10+ years. He brings valuable knowledge to the team and a different perspective, especially as a casual casino player.
Business October 29, 2019
Business October 29, 2019