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Genting Singapore hints at Japan IR hesitation

Genting Singapore has for the first time hinted that pursuing an integrated resort license in Japan may not be guaranteed.

The company provided a quarterly update over the weekend in which it highlighted a 50% year-on-year decline in revenues in the three months to 30 September 2020, resulting in a 66% drop in profit to SG$54.4 million (US$40.4 million) compared with a profit of SG$158.9 million (US$117.9 million) over the same period last year. It had previously reported a loss of SG$163.3 million (US$121.2 million) for the second quarter.

While Genting Singapore confirmed its intention to complete the SG$4.5 billion (US$3.3 billion) expansion of Singapore integrated resort, Resorts World Sentosa, announced in early 2019, it appeared less committal on Japan.

Noting it was still “keenly exploring the Yokohama integrated resort opportunity,” Genting Singapore added, “We will evaluate the conditions of the Request-for-Proposal (RFP) and the investment environment when the formal bidding process begins and will respond with a proposal if these conditions meet the Group’s investment criteria.”

The company had previously maintained a standard line on Yokohama, stating in recent quarters only that it had participated in the city’s Request-for-Concept (RFC) and would “continue to monitor developments in anticipation of the launch of the RFP.”

Genting Singapore’s hesitation comes amid uncertainty around Yokohama’s IR plans, with a local opposition group claiming to have gathered enough signatures from residents to call a referendum on the matter.

Two major international candidates have also withdrawn from the race in 2020, with Las Vegas Sands citing overly restrictive regulations and Wynn Resorts closing its Yokohama office to focus instead on COVID-19 recovery in its key Macau and US markets.

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