Genting Singapore names partners for Yokohama IR bid

Genting Singapore has confirmed its five consortium partners, as the group aims to secure approval to gain one of three integrated resort licenses up for grabs in Japan.

Competing alongside Melco Resorts and Entertainment in Yokohama, the company has named the Japanese firm’s of Sega Sammy Holdings, Sohgo Security Services, Kajima Corporation, Takenaka Corporation and Obayashi Corporation, as partners on the potential project.

“Our vision is to create a world-class IR destination that is strategically positioned, sustainable and anchored on strong local collaborations,” Genting said in a media statement. 

“Having both solid financial strength and over 30 years of successful track record in developing tourism focused IRs, we are ideally positioned to deliver an iconic IR to transform and grow Yokohama city to become a major tourist destination.

“In turn, the city will be an in-bound tourism gateway to Japan and contribute towards Japan’s tourism growth strategy.” 

Genting updates that its Yokohama IR bid submission has been “carefully considered” and approved by its board of directors after reviewing the investment proposal put forth by management. 

Based on the group’s proportionate shareholding interest in the IR project, the company’s investment amount will be less than 100 per cent of its market cap.

“The Yokohama IR bid is subject to, among other things, the selection of the consortium as the IR operator and the designation of Yokohama city as an area where an IR may be established,” Genting Singapore added.

“There is no assurance that the company will be selected by Yokohama city as the IR operator or that Yokohama city will be approved and designated as a specified complex tourist facilities area by the Japan minister of land, infrastructure, transport and tourism where an IR may be established. 

“The company will make an appropriate announcement in the event there are any material developments on this matter. Shareholders and investors are therefore advised to exercise caution when dealing in shares and other securities of the company.”

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