The board of directors of Genting Singapore have called an extraordinary general meeting for February 4 to authorize an IR bid in a major market in Japan to an investment level of US$10 billion.
“The Japan IR project offers the group an opportunity to leverage its core expertise in the development, operation, ownership and management of IR destinations, to achieve geographical diversification and sustain its growth trajectory in the longer term,” the notice explained.
The documents released on Monday also represented the first substantial drop of information about the company’s plans in Japan, which have hitherto been shrouded in secrecy.
It confirmed reports that Genting would only seek an IR license in the major urban markets: “the board has considered that it will focus on major prefectures and cities in submitting the proposed bid. This is to ensure that the company develops and operates a Japan IR in a prefecture or city with a large addressable market… To-date, the Company has submitted its Request for Concept to the local governments of Osaka and Yokohama.”
Tokyo was also noted as a possibility, though the metropolitan district has yet to indicate whether or not it will be joining the IR race.
The notice suggested that US$10 billion was the likely ceiling for Genting’s investment in Japan IR construction, but also that consortium partners might contribute in offering a comprehensive bid that exceeded that amount.
“In the event the company succeeds in the proposed bid, the company would be able to embark on its next stage of growth, thereby strengthening its foothold in the IR industry by accessing the untapped market of Japan,” the notice observed.