Genting Singapore has upped the ante in its pursuit of a Japan casino license by incorporating five new wholly-owned Japanese subsidiaries.
In an announcement, the company named the five subsidiaries as Genting Japan Co., Ltd, Genting Tokyo Co., Ltd, Genting Osaka Co., Ltd, Genting Yokohama Co., Ltd and Resorts World Yokohama Co., Ltd.
It added that each subsidiary “has an issued and paid-up share capital of JPY2 and its principal activities will be that of development and management of integrated resort and leisure destinations; marketing and promotion of integrated resort and leisure destinations; and investments and management of real estate and trust beneficiary interests.”
Incorporation of the new Genting Singapore subsidiaries follows passage of the IR Implementation Bill through Japan’s Upper House last Friday. The IR bill sets out the terms for Japan’s integrated resorts, including the provision for three initial locations, casinos to be limited to no more than 3% of an IR’s total floor area and a ¥6,000 entry fee for locals, who will also have visitation capped at three times a week or 10 times a month.