Genting Singapore said it had incorporated five new Japanese subsidiaries as part of its stealth bid to win one of the three IR licenses that are up for grabs now that the IR Implementation Act has become law.
The five new subsidiaries have suggestive names: Genting Japan Co., Ltd.; Genting Tokyo Co., Ltd.; Genting Osaka Co., Ltd.; Genting Yokohama Co., Ltd.; and Resorts World Yokohama Co., Ltd.
The clear inference of the subsidiary names is that the company is interested in bidding for major urban markets such as Tokyo, Yokohama, and Osaka.
The press release states: “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.”
Last September, Genting announced the opening of a branch office in Japan, though it provided no details.
Genting has been the most tight-lipped of all the major operators interested in the Japanese market, offering no explanations to the media about their purposes and strategies for Japan, but simply issuing occasional press releases.
Nevertheless, some analysts have ranked them as major contenders. In April, a Nomura analysis described Nagasaki as a location where “Genting appears to have the edge.” This month, Malaysian brokerage Maybank Kim Eng declared that Genting “stands a good chance to win a licence thanks to its responsible gaming experience and solid net cash position.”
In April, Genting was also one of the six international IR operators that participated in the Kansai IR Showcase in Osaka.