Galaxy Entertainment to focus in multiple Japan IR bids
Galaxy Entertainment Group will continue to adopt a multi-regional approach in its pursuit of a Japan IR license, focusing on both Osaka and the Kanto region.
Japan.- On a press conference in Osaka ahead of the IR Gaming Expo 2019, Galaxy confirmed it won’t limit itself to one single city or prefecture and will continue to keep an eye on the RFP schedules and specifics from the national and regional governments.
Furthermore, the company pointed to its strong cash flow as a major advantage it holds over many of its Japan IR rivals, including net profit of €1,6 billion in 2018, alongside Adjusted EBITDA of approximately €2 billion and also a 19% EBITDA growth.
Galaxy is in a unique position to developing more than one Japanese IR. “The likelihood is low but I would love to be in two cities,” Chief Operating Officer Japan, Ted Chan. “We are the fastest growing IR operator. We are confident that we can build a high-quality facility that will meet the needs of the Japanese government.”
However, Galaxy clarified that is primarily focus is still on bigger cities, in order to meet the Japanese government’s stated target of doubling inbound tourism to 60 million annual visitor arrivals by the 2030s.
Lastly, Galaxy said they would consider the idea of potentially to contribute €165,6 million to extend Osaka’s subway system to Yumeshima island, the planned site for the city’s IR development. However, Osaka’s goal of opening an IR by 2024 is definitely less enthusiastic.
