Genting Singapore Plc has set up a new wholly-owned subsidiary in Japan, the ninth in less than a week.
The company, the developer and owner of the Resorts World Sentosa casino resort in Singapore (pictured), announced the incorporation of BayCity Co Ltd, an indirect wholly-owned subsidiary in Japan, in a filing to the Singapore stock exchange on Friday.
BayCity had an initial share capital of JPY2.00 (2 US cents). The company “will be principally engaged in leisure and hospitality services and related businesses”, Genting Singapore stated.
Malaysia’s Genting Bhd said in a regulatory filing last Thursday that subsidiary Genting Singapore was organising a dedicated project team to prepare a proposal if Japan’s parliament approves a draft law to legalise casinos. “Genting Singapore will partner [with] Japanese institutions that will add to the strength of its proposal for an integrated resort in Japan,” Genting Bhd stated.
Earlier last week, Genting Singapore had already set up eight indirect wholly-owned subsidiaries in Japan. The Japanese companies – each also with a nominal registered capital of JPY2.00 – included Resorts World Japan Co Ltd, Resorts World Tokyo Co Ltd and Resorts World Osaka Co Ltd, and “will be principally engaged in investment holding, leisure and related businesses”, according to a filling.
It is unlikely that the enabling bill for casinos in Japan can be passed in the current session of the Japanese parliament, which ends on June 22.
Japanese gaming company Konami Corp has also established corporate structures to enable investment in casinos in Japan, in anticipation that such venues will be legalised there. The company announced last week it was setting up a subsidiary – Konami Gaming Japan Corp – to invest as and when a domestic casino sector is permitted.
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”Although we have decided not to pursue an integrated city resort in Osaka at this time, we wish the city the very best and look forward to following its continued success. Wynn Resorts is currently focused on the Kanto area”