GGRAsia – Genting Singapore to wind up Japan units

Genting Singapore to wind up Japan units

Dec 29, 2021 Newsdesk Japan, Latest News, Singapore, Top of the deck

Casino operator Genting Singapore Ltd announced on Tuesday that it plans to shut down an aggregate of eight subsidiaries incorporated in Japan. The company, previously identified as a qualified bidder in Yokohama’s process to host a casino resort, shelved its effort in September, after the city’s new mayor said the metropolis would not pursue the casino initiative.

Genting Singapore is the operator of the Resorts World Sentosa casino complex in Singapore.

In Tuesday’s announcement, the gaming firm said its Japan units “were placed under members’ voluntary dissolution and liquidation.” That included a direct wholly-owned subsidiary, Genting International Japan Co Ltd.

Another seven indirect wholly-owned subsidiaries in Japan are also to be closed, among them units in Yokohama and Osaka. These companies were to be engaged in investment holding, leisure and hospitality services, and related businesses, according to previous information from Genting Singapore.

“The members’ voluntary dissolution and liquidation of the subsidiaries is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the financial year ending 31 December 2021,” stated the casino operator.

In early 2020, Genting Singapore said it would focus its “efforts and resources” on the port city of Yokohama, and the company was said to be one of two qualified bidders in the process to develop a casino resort in that metropolis.

But in September this year, the new mayor of Yokohama, Takeharu Yamanaka, stated that the Japanese city would “abolish” with effect from October 1, an office specially-assigned to promoting the casino initiative that had been supported by his predecessor, Fumiko Hayashi.

Mr Yamanaka stated the city would withdraw its integrated resort (IR) policy and take steps necessary to abolish the IR initiatives the city had taken during recent years.