Genting Singapore winds up Japan-based subsidiaries

Genting Singapore previously hoped to bid to operate an IR in Yokohama City.

Japan.- Genting Singapore has announced through a company filing that seven indirect wholly-owned subsidiaries incorporated in Japan have been placed under members’ voluntary dissolution and liquidation. The subsidiaries are Acorn Co, BlueBell, Genting Japan, Genting Tokyo, Resorts World Japan, Resorts World Tokyo and SunLake

The casino operator said the decision is not expected to have any material impact on its consolidated net tangible assets and earnings per share for the current financial year. It said that none of the directors or substantial shareholders of Genting Singapore “has any interest, direct or indirect, in the members’ voluntary dissolution and liquidation other than through their respective shareholdings in the company.”

Genting Singapore had plans to build an integrated resort in Yokohama City with Sega Sammy. However, the plans were scrapped in 2021 after mayor Takeharu Yamanaka announced the withdrawal of the city’s IR bid.

Genting Singapore posts net profit of US$271.4m for H1

For the first half of the year, Genting Singapore posted a net profit of SG$356.9m (US$271.4m), up 29 per cent from last year. Revenue was up 25.5 per cent year-on-year at SG$1.35bn. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) improved 26 per cent in year-on-year terms to SG$570.8m. The cost of sales in the six months to June 30 was up 29 per cent year-on-year at SG$871.5m.

Gaming revenue rose 28.24 per year-on-year to SG$957.6m and non-gaming revenue 18 per cent to SG$393.1m. Genting Singapore’s consolidated revenue was up 25 per cent to SG$1.35bn. Hotel rooms brought in SG$121.52m in revenue, while attractions were the biggest non-gaming contributor at SG$201.27m.