The Yokohama Port Harbor Resort Association, a new group based at Yamashita Pier made up of business operators in the bay, held a founding meeting in Yokohama on Monday where it announced a redevelopment plan that does not include a casino.
The redevelopment would boast an international exhibition hall and luxury hotel, while an F1 racing circuit track is also scheduled. The total investment is expected to be JPY780 billion, according to the Nikkei.
The Association’s redevelopment plan aims to be a MICE bid with an international conference and exhibition hall as its focus. Annual net profit is forecast to be JPY45 billion with a concert hall and a harbor for cruise boats as part of the facility.
Whatever the calculations behind those numbers are, there is an emphasis that this can be a profitable facility without the casino element.
The presentation was addressed to Yokohama mayor Fumiko Hayashi and titled “Opinions and hopes for Yamashita Pier redevelopment”. The documentation included the line, “We have grave misgivings surrounding the casino business and the redevelopment of Yamashita Pier.”
The Yokohama Port Association, chaired by Yukio Fujiki, comprises 244 port operators in Yokohama.
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