Hong Kong-listed Get Nice Holdings Ltd says it has extended by six months a Memorandum of Understanding with Japan’s Current Corp to formalize a joint venture agreement for the development of an integrated resort in Nagasaki.
The extension follows ongoing delays to publication of the central government’s Basic Policy on IRs, originally due in January 2020, and an anticipated postponement of the submissions period for bids from its current dates of January to July 2021.
Under the terms of the MOU, Get Nice subsidiary Genius Wise Holdings will form a joint venture with Current Corp for development of an IR on land acquired by Nagasaki prefectural officials at Dutch-inspired theme park Huis Ten Bosch. The IR would feature, “hotels, casinos, restaurants, shops, entertainment facilities and convention centers with approximately 400,000 square meters total floor area.”
Get Nice had previously stated the MOU may be terminated if an agreement was not signed by 30 September 2020, but in a Wednesday filing the company said that deadline has now been extended by six months to 31 March 2021.
“To the best of the Directors’ knowledge, information and belief having made all reasonable enquiries, the Project is still under review by relevant Japan officials which is subject to certain government permission and approval of rights in Japan,” it said.
Nagasaki recently announced the suspension of its operator recruitment process due to the delays in release of the national government’s Basic Policy for IRs, compounded by the resignation of Prime Minister Shinzo Abe in August.
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