• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN Singapore gets shareholder nod for Japan IR bid

Feb 05, 2020 Newsdesk Japan, Latest News, Singapore, Top of the deck  


GEN Singapore gets shareholder nod for Japan IR bid

Casino investor Genting Singapore Ltd says it has won overwhelming approval from its shareholders to pledge up to US$10 billion in investment in pursuit of a casino resort project in Japan. More than 99 percent of the shareholders voted in favour of the investment plan at the extraordinary general meeting on Tuesday, Genting Singapore said in a filing that day after market hours.

The casino developer said a fortnight ago that it would seek approval from its shareholders to submit eventually “one or more bids for the development, operation, management and/or ownership” of a casino resort in Japan. Genting Singapore said at the time it would seek shareholder approval “to submit a proposed bid with respect to any one prefecture or city with an investment amount not exceeding US$10 billion”.

Genting Singapore already runs the Resorts World Sentosa gaming complex as part of Singapore’s casino duopoly. The company has shown interest in several places in Japan – either prefectures or cities – that are considering hosting a casino resort. To date, according to recent filings, Genting Singapore has participated in the request for concept processes organised respectively by the local governments of Osaka and Yokohama.

A maximum of three casino resorts will be permitted in Japan under a first phase of market liberalisation. Genting Singapore said it might submit more than one bid for a casino resort in Japan, but noted that – however it fared in selection processes with local governments that are required to find a private-sector partner – the group would only seek to develop and operate one such scheme in that country. The focus would be “on major prefectures and cities,” added the company.

Japan’s national government had been expected to announce in late January the final version of its “basic policy” on the integrated resort (IR) topic, as large-scale, multi-use tourism complexes with casinos are known in Japan. It said late last month that it would now make that policy public only in February or March.

The slight delay was due to “small adjustments” in the policy, in consultation with the recently-activated casino management commission, reported local media. The news came on the heels of an emerging casino bribery scandal in Japan that includes allegations against Tsukasa Akimoto, a former ruling-party member and lawmaker.

Genting Singapore has said that if it were to win a licence in Japan, funding for such a project would come from internal cash resources; bank borrowings; and the issuance of debt. The company said also that it might undertake the Japan IR project together with other investors or partners, as part of a consortium.

The casino operator has additionally stated that it would “endeavour to maintain consistency” in dividend payouts to its shareholders. The group paid SGD0.035 (US$0.026) per share for each of the past two financial years.


  • tweet
Related articles
  • Former casino suitor Wakayama to close IR office
    Former casino suitor Wakayama to close...

    Jun 28, 2022  

  • Antis claim right to propose Osaka casino referendum
    Antis claim right to propose Osaka...

    Jun 28, 2022  

More news
  • Only 2 Macau satellites closed as concessions extended
    Only 2 Macau satellites closed as...

    Jun 29, 2022  

  • LVS full recovery may take until 2024: Moody’s
    LVS full recovery may take until 2024:...

    Jun 29, 2022  


Latest News

Only 2 Macau satellites closed as concessions extended

Only 2 Macau satellites closed as concessions extended

Jun 29, 2022  

Only two of Macau’s 18 satellite casinos – the Rio Casino and the President Casino – have closed amid changes to the city’s regulatory system for such properties, and against...
Read More
LVS full recovery may take until 2024: Moody’s

LVS full recovery may take until 2024: Moody’s

Jun 29, 2022  

Satellite casino ops still to Dec 31 at Casa Real, Grandview

Satellite casino ops still to Dec 31 at Casa Real,

Jun 29, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"There is still no clarity about when border easing for Macau will occur. In the end these changes are needed to see a rebound for Macau business"

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Macau casino Covid tests from Fri, ops pay for staff testsMacau casino Covid tests from Fri, ops pay for staff tests June 28, 2022
  • China quarantine easing good signal for Macau: analystsChina quarantine easing good signal for Macau: analysts June 29, 2022
  • SJM to make 2nd of pledged staff subsidy payments for 2022SJM to make 2nd of pledged staff subsidy payments for 2022 June 27, 2022
  • Moody’s confirms SJM Holdings’ ratings, negative outlookMoody’s confirms SJM Holdings’ ratings, negative… June 27, 2022
  • LVS full recovery may take until 2024: Moody’sLVS full recovery may take until 2024: Moody’s June 29, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us