Following last week’s ratification of legislation that is set to bring up to three integrated casino resorts to Japan, Genting Singapore Limited has reportedly announced the establishment of five new indirect wholly-owned subsidiaries in the Asian nation.
According to a report from GGRAsia, the casino operator is hoping to be selected to run at least one of the coming Japanese gambling venues and revealed the birth of its new entities via a Tuesday statement to the Singapore Stock Exchange.
Five new Japanese enterprises:
The operator is already responsible for the giant Resorts World Sentosa development in Singapore and reportedly detailed that the newly-incorporated subsidiaries encompass Genting Japan Company Limited, Yokohama, Osaka and Tokyo branches, along with Resorts World Yokohama Company Limited.
The operator declared yesterday that the new subordinates have been established in order to handle the ‘development and management of integrated resort and leisure destinations’ in Japan. It proclaimed that the entities are to also be involved in the ‘marketing and promotion’ of such venues as well as ‘investments and [the] management of real estate and trust beneficiary interests.’
Casino firm’s latest Japan move:
GGRAsia reported that 2014 saw Genting Singapore Limited create a number of Japan-facing subsidiaries including Resorts World Tokyo Company Limited, Resorts World Osaka Company Limited and Resorts World Japan Company Limited to handle ‘investment holding, leisure and related businesses’ before going even further in September by establishing a branch office in Tokyo.
Malaysian conglomerate, Genting Bhd, is the firm behind Genting Singapore Limited and it used its most recent annual financial report to state that it was ‘diligently preparing’ for the race to secure a Japanese casino license. It further reportedly explained that it had used an October bond issue to raise approximately $180 million in order to ‘support its corporate activities in Japan.’
Operator stands a ‘good chance’ of securing a license:
Malaysian brokerage firm Maybank Kim Eng published a note on Sunday in which it proclaimed that Genting Singapore Limited ‘stands a good chance’ of being granted one of the three coming Japanese casino licenses due to its ‘responsible gaming experience and solid net cash position.’
GGRAsia additionally cited a report from Morgan Stanley in which the American financial services firm predicted that the first Japanese integrated casino resort will open by 2025 with the nation’s annual gaming revenues expected to ‘peg’ at $11 billion to $20 billion.