CBRE Group Inc, a U.S. commercial real estate services and investment company, will be part of a planned 438.3 billion yen ($3.5 billion) casino resort financing plan in Nagasaki Prefecture, Japan, several media outlets reported on Tuesday, citing planning documents submitted to the Sasebo City Council.
The integrated resort (IR) project (pictured in artist rendering) will be located at the Huis Ten Bosch theme park in Sasebo City, part of Nagasaki Prefecture.
On Tuesday, the Sasebo City Council held a steering committee to discuss the project, with Nagasaki authorities expected to submit the plan to the national government by the end of April.
The so-called IR district development plan will be discussed at an extraordinary meeting of the Nagasaki prefectural council before being submitted to national authorities.
Details of the fund provider have yet to be published, according to information gathered by GGRAsia's Japan correspondent.
The portion of the stake will be 175.3 billion yen, a 60% stake in Nagasaki's private sector partner Casino Austria International Japan Inc., a 30% stake in other foreign companies and a 10% stake in a Japanese company, according to previously disclosed information.
Under the liberalization agreement, up to three casino resorts will be allowed in Japan. Currently, Osaka and Wakayama are also expected to submit applications.
