Genting Singapore Ltd has set up an additional five new indirect wholly-owned subsidiaries in Japan. The company has previously declared itself a contender for a casino licence in that country.
The firm – the developer and owner of the Resorts World Sentosa casino resort (pictured) in Singapore – announced the incorporation of the subsidiaries in a filing to the Singapore stock exchange on Tuesday.
The newly incorporated subsidiaries include: Genting Japan Co Ltd; Genting Tokyo Co Ltd; Genting Osaka Co Ltd; Genting Yokohama Co Ltd; and Resorts World Yokohama Co Ltd.
Each new subsidiary has an issued and paid-up share capital of JPY2.00 (US$0.02). Their principal activities “will be that of development and management of integrated resort and leisure destinations; marketing and promotion of integrated resort and leisure destinations; and investments and management of real estate and trust beneficiary interests,” Genting Singapore stated in its latest filing.
In September last year, Genting Singapore announced it had established a branch office in the Japanese capital, Tokyo. In 2014, the firm set up a string of subsidiaries in Japan. Those included Resorts World Japan Co Ltd, Resorts World Tokyo Co Ltd and Resorts World Osaka Co Ltd, firms to “be principally engaged in investment holding, leisure and related businesses,” the company said at the time.
Most major global casino operators have expressed an interest in developing an integrated resort in Japan. Some of these companies have established branches or subsidiaries in that country.
Brokerage Maybank Kim Eng stated in a note published on Sunday that Genting Singapore was among the frontrunners for a licence to run a casino in Japan. The Malaysian investment house said Genting Singapore “stands a good chance to win a licence thanks to its responsible gaming experience and solid net cash position”.
Last week, the Japanese parliament passed the second of two pieces of legislation that will lead to the establishment of a domestic casino industry.
Investment bank Morgan Stanley said in a note issued last week it expected the first Japan casino to open by 2025. It added that the market size “could peg at a range of US$11 billion and U$20 billion gaming revenue”.
Malaysian conglomerate Genting Bhd, the parent of Genting Singapore, said in its annual report filed with Bursa Malaysia in April that the Malaysian group was “diligently preparing” for the eventual bidding process for casino licences in Japan.
Genting Singapore raised a total principal amount of JPY20 billion in October 2017, via publicly-offered Japanese yen-denominated bonds.
“The funds are earmarked to support its corporate activities in Japan including… bidding for gaming licences in Japan,” the Genting Bhd annual report noted.
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”To date, we have responded to eight cities and prefectures [in Japan] for requests for information or requests for concepts including most recently in Osaka and we are now preparing for Yokohama”
Francis Lui Yiu Tung
Vice chairman of Macau-based casino operator Galaxy Entertainment Group