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.
Sep 19, 2018Nowadays, millennials, people who were born in the 1980s or...
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Nov 21, 2018The announced 10-percentage point rise in tax on VIP casino gross gaming revenue (GGR) applicable to Resorts World Genting (pictured) – Malaysia’s only licensed casino venue – is starting...
"In the coming year we plan to actively tap into the overseas markets by identifying new business locations, keep on expanding our empire and also enhance our VIP services and facilities"
Chief executive of Macau gambling junket investor Tak Chun Group