Yokohama: Sega Sammy and Genting partner for IR bid

Sega Sammy Holdings has announced a partnership with Genting Singapore to bid for Yokohama’s IR development.

Japan.- After withdrawing as a sole contender, Sega Sammy has announced that it has entered into a partnership with Genting Singapore to join its bid to build an integrated resort in Yokohama.

It will join a consortium along with Genting Singapore, Sohgo Security Services Co., Kajima Corp., Takenaka Corp., and Obayashi Corp.

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

Genting Singapore said it will be leading the consortium of Japanese parnets to create “a world-class IR destination that is strategically positioned, sustainable and anchored on strong local collaborations.”

It said it is “ideally positioned to deliver an iconic IR to transform and grow Yokohama City to become a major tourist destination.”

Maybank Research has said it believes Genting Singapore is well-positioned to win Yokohama’s IR bid.

According to analysts, Yokohama’s planned IR development could generate a gross gaming revenue (GGR) of nearly US$7bn a year and US$2.7bn in net profit.

Galaxy Entertainment dropped its bid claiming the business climate had been “exacerbated by the Covid-19 pandemic.”

Another contender, Shotoku, was dismissed after the Yokohama city government said its bid was below minimum requirements. The other remaining contender is Melco Resorts.

Yokohama has mayoral elections coming up in August. The Constitutional Democratic Party of Japan (CDPJ) has yet to select an anti-IR candidate for the elections to be held on Sunday, August 22.

The CDPJ had hoped to select a unified candidate by April. The second-largest opposition party in the country, the Japan Communist Party, offered to withdraw its independent candidate to give more chances to a single anti-IR candidate, but the CDPJ appears to be unsure about the strategy.

On the other side of the fence, current pro-IR mayor Fumiko Hayashi has yet to announce whether she will run for a fourth term in office.