The city of Yokohama has confirmed only two companies remain in the process to select a private partner for its IR bid.<\/p>\n\n\n\n\n\n\n\n
Japan.- The\u00a0city of Yokohama<\/strong>\u00a0has confirmed that only two companies \u2013 Melco and Genting \u2013 have passed to the final stage of its tender to select an IR partner.<\/p>\n\n\n\n Galaxy Entertainment<\/a>\u00a0was the first company to drop out. It claimed the business climate had been\u00a0\u201cexacerbated by the Covid-19 pandemic.”<\/strong><\/p>\n\n\n\n Sega Sammy\u00a0<\/strong>then said it would seek a minority stake in the development. It said the law related to IR developments as a major concern\u00a0<\/strong>as doubts remain throughout agreements.<\/p>\n\n\n\n As for\u00a0the other remaining contender, Shotoku<\/strong>, the Yokohama city government said its bid was below minimum requirements\u00a0<\/strong>so authorities dismissed its application.<\/p>\n\n\n\n That leaves\u00a0Genting Singapore and Melco Resorts\u00a0<\/strong>as the only\u00a0IR contenders<\/a>\u00a0to reach the final stage for Yokohama\u2019s IR bid.<\/p>\n\n\n\n A few weeks ago, Maybank Research said it believes that Genting Singapore<\/strong> is well-positioned to win Yokohama\u2019s IR bid<\/a>.<\/p>\n\n\n\n According to analysts, Yokohama\u2019s planned IR development could generate a gross gaming revenue (GGR)<\/strong> of nearly US$7bn a year and US$2.7bn in net profit<\/strong>.<\/p>\n\n\n\n However, the development of a resort could depend on the results of the upcoming mayoral election on Sunday, August 22.<\/p>\n\n\n\n 90-year-old Yukio Fujiki<\/strong>, chairman of the Yokohama Port Harbor Resort Association and a strong opponent against the\u00a0development of an IR<\/a>\u00a0has launched an organisation called\u00a0\u201cYokohama Future Concept Conference\u201d<\/strong>.<\/p>\n\n\n\n At an inaugural conference, Fujiki criticised Japan\u2019s pro-IR Prime Minister Yoshihide Suga, saying he had betrayed people through the IR initiative.<\/p>\n\n\n\n Another anti-IR group, the Kanagawa Citizens Ombudsman, wants to launch a lawsuit to stop a potential IR development<\/strong>. It says that the proposed Yamashita Wharf location should not be leased to an IR operator.<\/p>\n\n\n\n It argues that the IR development would harm public welfare<\/strong> and wants an audit of the location.<\/p>\n\n\n\n There are currently two independent anti-IR candidates <\/strong>who have launched their respective campaigns.<\/p>\n\n\n\n Masataka Ota<\/a> is a member of the Constitutional Democratic Party who has expressed his stance against Yokohama participating in a bid for an integrated resort licence<\/strong>.<\/p>\n\n\n\nYokohama mayoral elections could define future of IR development<\/h2>\n\n\n\n