Leading Asian VIP promotor Suncity Group has revealed a tentative budget of between HK$30 billion and HK$35 billion (US$3.8 billion to US$4.5 billion) for its Wakayama integrated resort concept, which CEO Alvin Chau says will focus on transforming the entire prefecture into a hub for entertainment and traditional culture.
Suncity Group revealed in in August its intention to bid for a Japan IR license in Wakayama, outlining what it describes as IR 2.0 – a “unique project combining Wakayama Prefecture’s historical tradition, natural landscape and cultural essence.”
Speaking with Japanese media, including Inside Asian Gaming’s Japanese language media brand IAG Japan, during the IR Gaming Expo 2019 in Osaka over the weekend, Chau provided some further insight into the company’s Japanese IR, stating, “Wakayama is rich in Japanese tradition and culture. The population is lower than Osaka or Yokohama, but there is abundant nature in the mountains and sea and we are planning a resort that incorporates these charms.
“I believe our ideas are in line with what the Japanese government is looking for in regional development.”
Traditionally known for its VIP gaming clubs across Asia, Suncity is in the process of expanding into casino and IR operations via a 33.4% stake in Vietnam resort Hoiana, due to open next year, and recently acquired stake in Summit Ascent Holdings, which owns and operates Tigre de Cristal in Vladivostok, Russia.
Asked about the company’s rapid expansion, Chau said Suncity was “not doing anything particularly special, and I don’t feel our growth is particularly fast. This is the result of taking on new challenges.”
Chau also stated his belief that, “Yokohama, Osaka and Wakayama will be the cities that win the bids.
“We have what Japan needs,” he added.
In a separate announcement on Monday, Suncity revealed that it was working with global architecture firm AEDAS on the design of its Wakayama IR.
The company hopes to utilize its “experience in film production, concerts and cultural events in Mainland China, Macau and Hong Kong” to promote entertainment across Wakayama.
“In addition to the construction of hardware facilities, Suncity Group will also transform the prefecture into a hub for entertainment and traditional culture,” it said, pointing to “entertainment events, various shows and exhibitions, combined with local traditions, presenting to the world the unique charm of Wakayama.”
