Genting Singapore turns to Japan

In the most recent bid for a casino operation license in Japan’s coveted gaming market-to-be, Genting Singapore PLC announced on Wednesday that it has established a branch office in Tokyo (pictured).
The Japan Branch of Genting Singapore – a subsidiary of the Malaysian-headquartered Genting Group – will oversee the ‘development and management of leisure and hospitality businesses,’ and provide ‘administration and resource support,’ including research and market studies, and investment and promotion, as well as ‘any and all businesses incidental or related to each of the foregoing,’ the announcement reads.
The company noted that the establishment of the new branch is not expected to have ‘any material impact on the consolidated net tangible assets and earnings of the company for the financial year ending 31 December 2017.’
In February, Genting Singapore said it was continuously tracking the progress of the IR execution bill in Japan in order ‘to pave the way for the formal bidding process for a Japan gaming licence,’ The Star Online reported.
The company added then it had sufficient financial resources to place it in a good position to bid for the opportunity.
In anticipation of the Japan bid, the company – which operates Resorts World Sentosa in Singapore – sold in November 2016 its half stake in South Korean integrated resort and theme park Jeju Shinhwa World to Landing International Development Ltd., making the Chinese company the sole owner of the property.
Genting Hong Kong Limited, an affiliate of the Group, operates Resorts World Manila in a joint venture with Alliance Global Group, Inc. through Philippines-listed associate Travellers International Hotel Group.