Genting Singapore defines Japan IR plans

Genting Singapore defines Japan IR plans

The operator identifies Osaka, Yokohama and Tokyo as primary locations of interest.

Japan.- Genting Singapore, the operator of Singapore’s Resorts World Sentosa, has revealed its integrated resorts plans in Japan.

The operator has highlighted Osaka, Yokohama and Tokyo as areas of interest and has set aside a maximum budget of US$10 billion for the development of an integrated resort.

“The Company is seeking the approval of Shareholders to submit a Proposed Bid with respect to anyone prefecture or city with an investment amount not exceeding US$10 billion (approximately SG$13.6 billion),” the company said in a circular.

This Monday shareholders received the plans ahead of a general meeting set to take place on 4 February 2020 where they will decide whether to push ahead with a single bid or several

Although Genting Singapore said it may submit multiple IR bids in Japan, it will not develop more than one IR in the country in the first seven years after receiving approval from the Minister of Land, Infrastructure, Transport and Tourism for its first IR.

The circular explained why Genting Singapore wants to fight for one of the three IR licenses.

“The Group’s strong financial position puts it in an exceptional position to develop a truly transformational project in Japan. The Japan IR investment will enable the Group to optimize its balance sheet and create attractive and sustainable returns to shareholders in the medium and longer-term, as it did with the Singapore IR (Resorts World Sentosa),” it said.

“The Company expects the return of the Japan IR project to be commensurate with market expectations and conditions of similar projects in the leisure, hospitality and gaming industry,” it added.

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