The governor says Credit Suisse is looking at Nagasaki IR finance

The governor says Credit Suisse is looking at Nagasaki IR finance

Summary:

The governor of Nagasaki prefecture, Kengo Oishi, identified two US-based financial services companies as being interested in being “financial arrangers” for the Japanese community’s tilt at getting an integrated resort with a casino. 80% of the equity part of the funding might be involved by the financial institutions, as well as arranging a loan portion of the capital.

The governor of Nagasaki prefecture, Kengo Oishi, said that the United States-based financial services company, Cantor Fitzgerald, and the Switzerland-based investment bank, Credit Suisse, were interested in being financial arrangers for the Japanese community’s tilt at getting an integrated resort with a casino

According to GGRAsia’s Japan correspondent, Mr Oishi gave the information on Tuesday in a regular briefing for the media, mentioning some details that had been outlined at the September 2 meeting of Nagasaki’s IR special committee.

The financial institutions might be involved with 80 percent of the equity part of the funding, as well as arranging a loan portion of the capital, said Mr Oishi.

At the September 2 meeting, it was said that they had given commitment letters regarding acting as financial arrangers.

The Nagasaki scheme has a figure of JPY 438.3 billion. The national government might give feedback before the end of the year after the metropolis made an application. A proposal for an IR was also submitted by Osaka.

A possible financial services provider for an IR for Japan’s Wakayama prefecture has been mentioned before.

Wakayama said in April that it was leaving the Japan IR race after the prefectural assembly rejected its plan.