Genting planning multiple IR bids in Japan

Genting Singapore Chairman Lim Kok Thay revealed at a shareholders meeting last week an outline of his company’s IR strategy in Japan, involving a plan for multiple bids, including those outside of the major urban markets around the Tokyo and Osaka regions.

This information stands in direct contrast to what the brokerage Sanford C. Bernstein reported last August: “Genting was clear that they do not wish to pursue an opportunity in Hokkaido or other small regional locations and instead is focused on Osaka, Yokohama, and other major metropolitan areas.”

At the meeting last week, Lim also expressed confidence that Genting would win one of the three available licenses: “Fortunately for us, the Japanese government has made it very public that they will use the Singapore model. We have become the top tourist draw in Singapore and also contribute to employment and the local economy. I believe that is exactly what the Japanese government is looking for, whereas our other competitors bar one who is across the road wouldn’t be in the same position to claim they can do it.”

Other Genting executives revealed that they intend to borrow money in yen to finance IR development in Japan because interest rates are very low in the country.