Genting Singapore has confirmed it will partner with five reputable Japanese corporates including Sega Sammy Holdings, Sohgo Security Services Co., Ltd. (ALSOK),
Kajima Corporation, Takenaka Corporation and Obayashi Corporation as it looks to land a casino licence in Yokohama City.
Sega Sammy has of course already got integrated resort experience through its 45 per cent share in Paradise City in South Korea, which it runs in partnership with Paradise Group.
Liew Lan Hing, Genting Singapore Company Secretary, said: “We are pleased to announce that our submission consortium comprises. Our vision is to create a world-class IR destination that is strategically positioned, sustainable and anchored on strong local collaborations. Having both solid financial strength and over 30 years of successful track record in developing tourism focused IRs, we are ideally positioned to deliver an iconic IR to transform and grow Yokohama City to become a major tourist destination. In turn, the City will be an in-bound tourism gateway to Japan and contribute towards Japan’s tourism growth strategy.
“Based on the Company’s proportionate shareholding interest in the IR project, the Company’s investment amount will be less than 100 per cent of the market capitalisation of the Company. As disclosed in Section 2.7.1 of the Circular dated 20 January 2020 for the EGM, in such case, the Yokohama IR Bid submission would not be subject to approval of shareholders, on the grounds that the development and operations of an IR is within the ordinary course of business of the Company. This investment has been carefully considered and solely approved by the Board of Directors of the Company after reviewing the investment proposal put forth by the management.
“The Yokohama IR Bid is subject to, among other things, the selection of the consortium as the IR Operator and the designation of Yokohama City as an area where an IR may be established. There is no assurance that the Company will be selected by Yokohama City as the IR Operator or that Yokohama City will be approved and designated as a Specified Complex Tourist Facilities Area by the Japan Minister of Land, Infrastructure, Transport and Tourism where an IR may be established.”