News Land-Based 29 Dec 2021
Genting Singapore dissolves Japanese subsidiaries
By Gambling Insider
Genting Singapore will shut down several wholly owned subsidiaries incorporated in Japan. In an announcement, the Asian casino operator said eight companies “were placed under members’ voluntary dissolution and liquidation”.
Among those being shut down was Genting International Japan, a direct wholly owned subsidiary of the operator, and seven indirect wholly owned subsidiriares: BayCity, Genting Osaka, Genting Yokohama, MoonLake, Resorts World Osaka, Spark Yokohama and StarLight.
The owner of Singapore’s Resorts World Sentosa said their dissolution is not anticipated to have any “material impact” on the consolidated net tangible assets and earnings per share of the group for the financial year ending 31 December 2021.
Genting Singapore is itself a subsidiary of Genting Group, and led a bid to win an integrated resort (IR) contract in the Japanese port city of Yokohama. Most gambling remains illegal in the East Asian country, but a bill was passed in 2018 permitting the construction of IRs in three cities.
Osaka and Yokohama were in the running to host two of these resorts, and Genting Singapore was hoping to form partnerships for their operation. But it dropped out of the Osaka IR race in February 2020, which was eventually won by MGM Resorts in September 2021.
In the same month, an anti-IR candidate won Yokohama’s mayoral election and the city withdrew its bid. At the time, analysts noted this decision could have a negative impact on Genting Singapore, and the company said it was “surprised and disappointed by the unexpected turn of events”.
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