Clairvest shuts Japan office, defends plans

Clairvest Neem has rejected allegations that its financing plan for a failed bid for an integrated resort in Wakayama was “unclear” and said it will continue to look for opportunities in Japan.

In an open letter, the company said it was officially closing its office in Wakayama after the prefectural assembly voted narrowly to reject its plan for an integrated resort, but said it would keep an office in Tokyo.

Defending its financing plan, the company said it has signed a basic letter of intent on financing with 10 companies for more than Y550bn. It also points out that the arranger is Credit Suisse, which is one of the world’s leading financial institutions.

Clairvest said that Credit Suisse had helped it to prepare a High Confidence Letter, setting out the feasibility of the financing plan. Parts of the letter had been disclosed to the prefectural assembly but not all as it had not yet been approved by the government.

Source: Asia Gaming Brief