Melco to continue exploring IR opportunities in Japan

Melco Resorts & Entertainment was one of the candidates for Yokohama's IR bid.
Melco Resorts & Entertainment was one of the candidates for Yokohama's IR bid.

Lawrence Ho Yau Lung, chairman and chief executive of casino operator Melco Resorts and Entertainment Ltd, has said the company will seek other opportunities to develop an integrated resort in Japan.

Japan.- Although plans to build an integrated resort in Yokohama have been shelved after newly elected mayor Takeharu Yamanaka’s decision to cancel the city’s IR bidMelco Resorts & Entertainment will continue looking for an opportunity in Japan.

Lawrence Ho Yau Lung, Melco Resorts and Entertainment Ltd CEO, has confirmed the company will withdraw from the IR bid due to Yamanaka’s announcement and will close its Yokohama office, but he said the company will maintain a representative office in Tokyo.

However, he said: “Melco has been working on the ground in Japan for over a decade. We firmly believe in the country’s long-term potential and remain committed to exploring opportunities to develop the world’s best-integrated resort in Japan.”

He added: “While we are disappointed, we are grateful for the friendships that we have formed throughout the process and express our sincere gratitude to the people and government of Yokohama, as well as our business and community partners, for their tremendous support.”

In June, analysts suggested that Yokohama’s possible withdrawal from the IR contest could leave the door open for Tokyo to bid for an integrated resort licence. However, a survey by a local newspaper found that 66 per cent of Tokyo are against an IR development and only 24 per cent are in favour.

Sega Sammy Holdings Inc also scraps plans in Yokohama

Sega Sammy Holdings Inc has also suspended its plans for Yokohama. The company said the impact on consolidated operating results for the fiscal year ending March 31, 2022 will be minimal.

In June, Sega Sammy had announced that it had entered into a partnership with Genting Singapore to join its bid to build an integrated resort in Yokohama.

Sega Sammy had hailed Genting Singapore as the best possible partner for an integrated resort due to its successful Resorts World Sentosa operation in Singapore. 

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