Genting dissolves and liquidates its Japanese subsidiaries
Genting Singapore Limited announced this week its liquidation and close his eight subsidiaries in Japan. The move comes after the company suspended plans in September after Yokohama’s new mayor said the city would not participate in the integrated resort initiative allowed by law years earlier.
The units listed on SGX scholarship the voluntary dissolution and liquidation announcement included the wholly owned subsidiary, Genting International Japan Co. Ltd., and seven indirectly owned subsidiaries in the country including BayCity Co., Genting Osaka Co., Genting Yokohama Co., MoonLake Co., Resorts World Osaka Co., Spark Yokohama Co. and StarLight Co., all limited liability companies.
No impact expected on Genting results
Order, filed on behalf of the Board of Directors by Secretary Liew Lan Hing, said:
“The voluntary dissolution of members and the liquidation of Subsidiaries should not have a significant impact on the consolidated net tangible assets and the Group’s earnings per share (being the Company and its subsidiaries) for the fiscal year ended December 31, 2021.. “
Genting Singapore operates Resorts of the Sentosa world and maintains offices at the casino on Sentosa Island in Singapore. The country has only two casinos, Resorts World Sentosa (RWS) and Sands of Marina Bay which is owned by Las Vegas Sands Corp.
According to a report published in GGRAsia, Genting is one of two applicants for a license that may have been issued in the thriving metropolis of Yokohama. It is the capital of Kanagawa Prefecture and the most populous city in the prefecture. The population in 2020 was 3.8 million. Yokohama is located on Tokyo Bay, south of Tokyo proper.
First legal casinos in Japan
When the integrated casino complexes are built, they will be the first legal casinos in the history of today’s Japan. Genting was seen as an almost perfect candidate due to his background in building multi-purpose resorts that also owns a casino – especially in an Asian culture where gambling outside of a few special places is not only frowned upon but illegal.
The company’s specialist work and experience in Malaysia and Singapore as well as its extensive experience managing other resorts such as Resorts World Catskills in upstate New York and Resorts World Las Vegas failed. when the mayor of Yokohama, Takeharu Yamanaka, took office and declared that a special office set up by his predecessor, Fumiko Hayashi would be abolished on October 1, 2021, thus putting an end to any hope of an integrated hotel complex in Yokohama.
Further administrative and council work is expected to roll back any progress made on local laws regarding the integrated casino complex.
Source: Genting Singapore to liquidate its Japanese units, GGRAsia, December 29, 2021