Sega Sammy Holdings has said it will contribute over US$1bn to the construction of an Integrated Resort casino in Yokohama as part of its partnership with Genting Singapore.
Sega Sammy said in a press release: “We have come to the conclusion that Genting Singapore is the best partner for the success of our domestic IR business, who has been successfully developing and operating Resorts World Sentosa in Singapore, one of the regions that operates and develops an integrated resort under the strictest discipline in the world. We worked with Genting Singapore to analyze the market for domestic IR business, formulate development plans, organize the consortium … and prepare for an RFP application and we have officially applied for the RFP conducted by Yokohama City.”
“Through this consortium, we will proactively participate in IR business in Yokohama City, create a new industry in Japan and contribute to the revitalization of the domestic economy and the tourism industry. We will also aim to expand the domestic IR business in the future by developing and operating highly transparent and sustainable IR facilities that contribute to the sustainable development of society.”
“The launch of a formal Domestic IR business is subject to the following prerequisites: the execution of agreement between shareholders for the purpose of establishing joint ventures, etc.; the formal selection of the Consortium as a business operator in the RFP; and subsequent approval of Yokohama City as the Specified Complex Tourist Facilities Area by the Ministry of Land, Infrastructure, Transport and Tourism. Through these processes, we aim to be selected as a formal operator of Domestic IR business.”
If Yokohama is selected and if Genting Singapore wins its bid, Sega Sammy hopes to open an IR by the late 2020s. The consortium also includes 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.