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Japan – Genting and Galaxy pull out of Osaka IR race leaving MGM in pole position

By - 17 February 2020

Both Genting Singapore and Galaxy Entertainment have pulled out of the race to and a casino IR licence in Osaka, leaving MGM Resorts and its local partner Orix in sole position if the Osaka Prefectural Government is awarded a licence.

Las Vegas Sands, Melco Resorts & Entertainment and Wynn Resorts have all previously left the Osaka race to focus on potential projects in Yokohama instead.

Galaxy and its partner Monte-Carlo Société des Bains de Mer had recently completed a comprehensive Request for Concept (RFC) submission and business feasibility study in Osaka before opting to withdraw.

Galaxy Vice Chairman Francis Lui said: “We have greatly appreciated being able to play an active role in the RFC stage and enjoyed the in-depth discussion this afforded us – in particular, being given the opportunity to listen, learn and share our vision for how this new industry could benefit the city of Osaka, the business community, its citizens and the wider economy of Japan. However, after deep reflection, we decided at this time that our focus should be on other potential locations in Japan, including among others, Yokohama.

“We informed the Osaka City Integrated Resort Promotion Bureau of this decision well ahead of the 14 February deadline for application to participate in the RFP and the City were understanding and appreciative of the efforts we made in assisting them with the process to date. We remain fully committed to Japan, to assist the Government to achieve their tourism and economic goals and we believe GEG’s healthy balance sheet and track record in developing and operating the world’s most successful IR, combined with SBM’s 150-year track record in creating the world’s first IR destination at Monte-Carlo, can make that a reality. We wish Osaka well as it continues on its path and we look forward to continuing in our bid for a license in Japan.”

Genting Singapore said: “After careful consideration of the opinions of many shareholders, we regret that we will not continue our participation in the Osaka IR Project going forward. This is a tough decision for us, and it’s unfortunate after the many exchanges we have had with everyone in Osaka. In the future, Genting Singapore will focus on participating in the Yokohama IR request for concept (RFC), which is currently underway. We will do our utmost to provide an attractive proposal including MICE and a variety of leisure facilities to make it a must-visit destination.”

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