Genting Singapore Limited announced this week that it will wind up and shut down all eight of its subsidiaries in Japan. The move comes after the company put its plans on hold in September after the new mayor of Yokohama said the city would not participate in the integrated casino resort initiative authorized by law years earlier.
The units listed on SGX stock exchange announcement for voluntary dissolution and liquidation included the wholly-owned subsidiary, Genting International Japan Co Ltd., and seven indirectly owned subsidiaries in the country comprising BayCity Co., Genting Osaka Co., Genting Yokohama Co., MoonLake Co., Resorts World Osaka Co., Spark Yokohama Co., and StarLight Co., all Limited companies.
No Impact Expected on Genting Bottom Line
The order, filed on behalf of the board of directors by Secretary Liew Lan Hing, stated:
“The members’ voluntary dissolution and liquidation of the Subsidiaries are not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group (being the Company and its subsidiaries) for the financial year ending 31, December 2021.”
Genting Singapore operates Resorts World Sentosa and keeps offices at the casino resort on Sentosa Island in Singapore. The country has only two casinos, Resorts World Sentosa (RWS) and Marina Bay Sands which is owned by Las Vegas Sands Corp.
According to a report in GGRAsia, Genting was reported to be one of two contenders for a license that could have been issued in the thriving metropolis of Yokohama. It is the capital city of Kanagawa Prefecture, and the most populous city in the prefecture, The 2020 population was 3.8 million. Yokohama sits on Tokyo Bay, south of Tokyo proper.
First Legal Casinos in Japan
When the integrated casino resorts are built they will be the first legal casinos in the history of modern-day Japan. Genting was seen as a near-perfect candidate owing to their experience in creating multi-use resorts that also happen to have a casino – especially in an Asian culture where gambling outside of a few special places is not only frowned upon but illegal.
The firm’s specialty work and experience in Malaysia and Singapore as well as vast experience in running other resorts such as Resorts World Catskills in Upstate New York, and Resorts World Las Vegas came to naught when Yokohama Mayor Takeharu Yamanaka took office and stated that a special office set up by his predecessor, Fumiko Hayashi would be abolished on October 1, 2021, effectively ending any hope for an integrated casino resort in Yokohama.
Further administrative and council work is expected to wind back all progress that was made on local laws in relation to the integrated casino resort.
Source: Genting Singapore to wind up Japan units, GGRAsia, December 29, 2021
The post Genting Wraps Up Japan Casino Units with Dissolutions and Liquidations appeared first on Casino News Daily.