GGRAsia – Genting says Singapore experience of value to Yokohama

Genting says Singapore experience of value to Yokohama

Jun 04, 2021 Newsdesk Japan, Latest News, Singapore, Top of the deck

The management of Genting Singapore Ltd, operator of the Resorts World Sentosa casino resort, said it has made corporate decisions based on its expectation of a “successful bid” for a Japan integrated resort (IR), as these complexes are known in that country.

Such expectation was “based on the group’s commendable track record in developing and successfully operating Resorts World Sentosa in Singapore,” stated Tan Hee Teck, the firm’s president and chief operating officer. His comments were made during the company’s annual general meeting, according to a presentation deck published this week.

Genting Singapore is a contender for a Japan casino licence, being one of the qualified bidders in the race to be Yokohama’s partner on a casino complex.

“Resorts World Sentosa operates in an environment where the operational and regulatory regime was of the highest standards, and such experience would be of significant value to the city of Yokohama and Japan,” Mr Tan was quoted as saying in the document.

He added: “Management had also considered the group’s strong financial position, the competition and the potential joint venture partners in determining that the group would submit a compelling bid for an IR in Yokohama city, Japan.”

Genting Singapore has linked with Japan-based entertainment and gaming conglomerate Sega Sammy Holdings Inc for the Yokohama project, with Japan-based Kajima Corp chosen as the construction partner.

Maybank Investment Bank Bhd has suggested in a recent note that Genting Singapore has an edge over rival global operator Melco Resorts and Entertainment Ltd, the other qualified bidder in the race for a Yokohama licence.

The judgment decision mentioned by Mr Tam was related to the 2020 remuneration of the company’s executive chairman, Lim Kok Thay. A “significant proportion” of Mr Lim’s 2020 remuneration was “attributable to an accounting accrual” regarding a “contingent bonus” granted to the firm’s chairman in relation to the group’s bid for the casino licence in Japan.