Genting Singapore has confirmed its Japanese partners in its bid for an IR license in Yokohama and said the project doesn’t need shareholder approval as its investment is less than 100 percent of the market capitalization of the company.
The Singapore-listed operator has a current market value of SGD10.5 billion ($7.9 billion). It gave no further details of its stake in the consortium.
Its partners are Sega Sammy, Sohgo Security Services, Kajima Corporation, Takenaka Corporation and Obayashi Corporation.
Genting is competing against Macau’s Melco Resorts & Entertainment and is seen as the front runner in the bid.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.