Genting Singapore is “diligently preparing” to bid for a Japan casino license in 2018, with the company stating it was optimistic that the bidding process would begin this year following anticipated passage of the IR Implementation Bill.
Outlining the group’s future prospects in its 2017 Annual Report, which include upgrades to Resorts World Sentosa in Singapore and Resorts World Genting in Malaysia, parent company Genting Berhad pointed to Japan as a key focus in 2018, stating that, “Genting Singapore continues to be engaged in this significant business opportunity and Genting Singapore’s management is diligently preparing for the eventual bidding process.
“Many global gaming operators have pronounced their very keen interest to bid, and Genting Singapore will be facing fierce competition for the limited number of licenses.”
The company added that it was “optimistic that the Japan Integrated Resort Execution Bill will be tabled in this year’s Diet session which will pave the way for the formal bidding process for Japan gaming license.”
Genting Singapore has made no secret of its Japan ambitions, having sold off its stake in Korean integrated resort Jeju Shinhwa World in early 2017 to focus on Japan instead. It also established a Japan office and in October raised ¥20 billion in a maiden Japanese yen-denominated Samurai bond in anticipation of its proposed bid.
“The funds are earmarked to support corporate activities in Japan including preparatory works in anticipation of the passage of the Japan Integrated Resort Execution Bill and bidding for gaming licenses in Japan,” Genting Singapore said.
Genting Berhad also provided an update on progress of its US$4 billion Resorts World Las Vegas project, stating it has awarded over US$600 million in construction contracts and is continuing to work closely with local authorities, contractors and suppliers with the aim of opening the resort attractions and facilities by the end of 2020.
Genting Berhad generated revenue of RM20 billion in 2017, a 9% increase over 2016 numbers, with revenue from its Leisure & Hospitality Division growing 7%.