Suncity Group Holdings Japan Co. Ltd. has exited from the public tender of developing an integrated casino resort in Wakayama, Japan due to delays in the Japanese government’s evaluation process.
In a statement released by Suncity Group Holdings, the firm’s CEO Alvin Chau said: “Due to the Covid-19 pandemic, the uncertainties surrounding many companies around the world may continue for a long time, and the IR project’s evaluation procedure in Japan is expected to take much longer than originally planned. We have therefore considered the risks to our business and have decided to withdraw.”
Suncity Group Holdings Japan is incorporated by Alvin Chau individually and is run independently of Hong Kong-listed Suncity Group Holdings Ltd (1383). It is one of two bidders that have taken part in the Request-for-Proposal process (RFP) to build the first integrated resort in Japan’s Wakayama region. The other bidder is Clairvest Neem Ventures, a subsidiary of Canadian investment firm the Clairvest Group.
Suncity submitted its IR proposal to the Wakayama authorities last year. It is Mr Chau’s first move into Japan’s gaming market.
The Wakayama government had been due to announce its winning candidate in mid-April but said at the time it was delaying the decision until the end of the month. As of today, however, no such announcement has been made.
Meanwhile Suncity Group’s ongoing holiday resort projects in Okinawa and Hokkaido have been moving ahead as planned, unaffected by Mr Chau’s announcement of withdrawal from the IR bidding.