Casino operator Genting Singapore Ltd announced on Friday that it plans to shut down an aggregate of seven 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 2021, 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 Friday’s announcement, the gaming firm said its Japan units, encompassing entities in Tokyo, “were placed under members’ voluntary dissolution and liquidation”.
The units affected included indirect wholly-owned subsidiaries Genting Japan Co Ltd; Genting Tokyo Co Ltd; Resorts World Japan Co Ltd; and Resorts World Tokyo Co Ltd.
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 2024,” 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 2021, the then newly-elected mayor of Yokohama, Takeharu Yamanaka, stated that the Japanese city would “abolish” with effect from October 1 that year, an office specially-assigned to promoting the casino initiative that had been supported by his predecessor, Fumiko Hayashi.
