Genting shows “cautious optimism” for Japanese IR
The upcoming Japanese IR industry has attracted international operators and Genting announced it is “cautiously optimistic” about its chances.
Japan.- It is a matter of time before the casino industry lands in Japan and companies are looking forward to it. That’s why Genting released a statement about its chances and expectations about winning a Japanese IR bid.
“We are cautiously optimistic about leveraging on our experience in winning the bid in Singapore in 2006,” a Genting chairman said. He added that “it led to significant tourism growth,” and they expect “to do the same in Japan soon”.
“The IR industry in Japan is expected to be a stringently regulated one, so we are hopeful that our track record of operating in a very tightly regulated environment in Singapore will give us an edge over our competitors in the Japan IR bid,” he stated.
Genting arrives in Japan
Singapore firm Genting Group had landed in the country to plan further steps for casino development. In September 2017, the company opened an office in Japan to establish its brand in the country.
The new branch will focus on the development and management of leisure and hospitality businesses and the provision of administration and resource support, including research and market studies, investment and promotion, and all business related to the establishment of an IR in the country, as the company stated.
Genting Singapore PLC has seen its VIP credit quality deteriorated recently and is aiming to shift its business from being reliant on VIP high rollers to more mass market targeted. Bloomberg Intelligence has recently reported that the company has decided to change its operation as the number of Chinese gamblers in its facilities was dimissed due to Beijing’s crackdown on corruption and capital outflows. Said reduction has driven Genting’s VIP segment to drop 76% since Q1 2014 and opposes to its mass market segment’s growth, which provides most of the company’s casino revenue.
