Just after a couple of days when the bill was passed by the Diet’s Upper House in Japan, Genting Singapore Casino announced on Tuesday that they had made five new subsidiaries in Japan. With this act, they have shown their great appetites when it comes to this Asian country and its potential in the casino industry.
According to a report which was issued by GGRAsia, this casino also has high hopes when it comes to the licenses, and they are expecting to be given building at least one of the three big integrated resorts that were allowed by the bill. The operator revealed these new subsidiaries in a statement which was sent to the Singapore Stock Exchange.
Genting already holds responsibility for a new gigantic Resorts World Sentosa project which is currently being developed in Singapore. They stated that the new subsidiaries would encompass Genting Japan Company Limited, Yokohama, Tokyo, and Osaka branches and would also include Resorts World Yokohama Company Limited.
This operator added that the reason these new subordinates had been opened is that they plan to handle Japan’s integrated resort management and development. They also stated that these entities would be responsible for several other things, including marketing, promotion, and the investment and management of real estate.
History Behind it All
But their interest in Japan as a potentially great market for casinos dates back to 2014 when Genting created several of the Japan-oriented subsidiaries which included Resort World Tokyo Company Limited, Resorts World Japan Company Limited, and Resorts World Osaka Company Limited. All of them were responsible for handling things such as investment holding, leisure, and other related items. In September, they even established a branch office which was located in Tokyo.
Genting Bhd is the actual firm that is behind Genting Singapore Limited, and it is one of the conglomerates that are from Malaysia. They issued a financial report for this year which states that they were preparing for the race which would help them secure one of the three sports opened in Japan. In fact, the financial report says that they used a bond issue in October to raise near $180 million which would help them support their Japan corporate activities.
A brokerage firm from Malaysia called Maybank Kim Eng published a report on Sunday which states that Genting Singapore Limited has an excellent chance to be given one of the three slots available for the integrated resorts in Japan. This is mainly due to their responsible gaming experience and an overall solid position when it comes to cash.
Japan will be huge, and all of the casinos that compete for the licenses are fully aware of that. In fact, GGRAsia cited one of the famous reports by Morgan Stanley, an American firm for financial services, where it is stated that the first integrated casino in Japan should open by 2025 and that some of the expected annual gaming revenue in this country is anywhere between $11 billion and $20 billion.