Shareholders of Genting Singapore Ltd have overwhelmingly approved the casino investor’s plans to make a $10-billion investment to pursue one of the casino resort operating licenses in Japan. Genting Singapore revealed that, at a general meeting that took place yesterday, over 99% of the company’s shareholders backed the investment plan for the casino resort project.
A couple of weeks ago, the casino developer said that it would call for its investors to back the idea to submit at least one bid for the development, management, operation and/or ownership of an integrated casino resort on the territory of Japan. At the time, the gambling company revealed that it would seek the approval of its shareholders to submit an official offer to any one Japanese city or prefecture for constructing a casino resort, with the investment’s worth not exceeding $10 billion.
For the time being, the company operates the Resorts World Sentosa gaming complex as one of the casino providers that offer their services in Singapore. The company has already shown interest in entering the Japanese casino sector through getting an operating casino license in cities or prefectures that are considering whether to host a casino resort. According to recent filings, to date, Genting Singapore has taken part in the request-for-concept procedures that had been rolled out by the governments of Yokohama and Osaka.
Genting Singapore to Seek Casino Resort License in Major Japanese Cities and Prefectures
As revealed by the Japanese Government, the country’s authorities are set to allow up to three integrated casino resorts to be established as the first phase of the local gambling market expansion.
So far, Genting Singapore has revealed that it might submit more than one offer for an integrated casino resort establishment in Japan in case it is chosen to proceed in local governments’ selection processes, as the authorities are required to find a partner for the private sector. The company has further revealed that major cities and prefectures would be its expansion targets.
At the end of January 2020, the Government of Japan was expected to reveal the final version of its basic policy regarding the so-called integrated casino resorts. As CasinoGamesPro has previously revealed, they are set to be established as large luxury tourism complexes, featuring not only casino and hospitality services, but also shopping, dining and entertainment options, conference centers, etc. Late in January, the Government announced a delay in the schedule, saying it would make that policy public in February or March 2020.
According to media reports, the delay is due to what the Government has described as small adjustments in the policy, as the authorities need to first consult with the recently-established casino management commission. Apart from that, the raging casino bribery scandal involving former lawmaker and ruling-party member Tsukasa Akimoto has also been considered one of the main reasons for the delay.
At the time when Genting Singapore revealed its interest in getting an integrated casino resort license, it shared plans to fund the project by using internal cash resources, the issuance of debt and cash resources.
