Genting Singapore interested in Japan IR
Genting Singapore could become the latest casino operator to authorise an IR bid to operate in Japan.
Japan.- Despite recent turmoil around Japanese integrated resorts (IRs), companies believe that such market is attractive enough to invest in it. Genting Singapore could become the next company to unveil a major investment for an IR in a Japanese city.
The board of directors of Genting Singapore will meet on February 4 to discuss and authorise an IR bid in a major Japan market. The investment for such property could rise to US$10 billion, pending authorisation of the board at the extraordinary general meeting.
“The Japan IR project offers the group an opportunity to leverage its core expertise in the development, operation, ownership and management of IR destinations, to achieve geographical diversification and sustain its growth trajectory in the longer term,” a Genting Singapore notice explained.
Moreover, the boar said that it has considered that it will focus on major prefectures and cities in submitting the proposed bid. This is to ensure that the company develops and operates a Japan IR in a prefecture or city with a large addressable market. The company has submitted its Request for Concept to the local governments of Osaka and Yokohama.
“In the event the company succeeds in the proposed bid, the company would be able to embark on its next stage of growth, thereby strengthening its foothold in the IR industry by accessing the untapped market of Japan.”