Genting opens office in Japan
Genting Group has installed an exclusive gaming office in Japan, as revealed by company’s representatives.
Japan.- As legislators keep moving forward with casino legislation in Japan, the Singapore firm Genting Group has landed in the country to plan further steps for casino development.
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 has dimissed due to Beijing’s crackdown on corruption and capital outflows. Said reduction has driven Genting’s VIP segment to drop 76 percent since Q1 2014 and opposes to its mass market segment’s growth, which provides most of the company’s casino revenue (US$250-US$300 million).
According to analysts, the mass market hasn’t been affected by Chinese issues as its primarily driven by travelers from other Southeast Asian countries. Its only problem has been the weakening of regional currencies, that make more expensive to visit Singapore.
