Genting Singapore shareholders back firm’s Japanese casino initiative

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Shareholders for the Genting Singapore subsidiary of Asian gambling giant Genting Malaysia Berhad have reportedly overwhelmingly voted to support the firm’s attempt at securing one of a trio of coming Japanese integrated casino resort licenses.

According to a report from Inside Asian Gaming, the Singapore-headquartered operator held an extraordinary general meeting yesterday at which 99.94% of its stakeholders approved a plan that could see the company spend up to $10 billion in order to be given the right to construct and run a Las Vegas-style integrated casino resort in Japan.

Flexible future:

The proposition reportedly asked for shareholder permission to initiate a scheme ‘on such terms and conditions as the directors deem fit’ so as to allow Genting Singapore to ‘do all such things and execute all documents as they may consider necessary or expedient’ to win one of the three coming Japanese integrated casino resort licenses.

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Promising possibilities:

Although most gambling is currently illegal in Japan, the coalition government of Prime Minister, Shinzo Abe, passed legislation in July of 2018 that is to see the nation of some 126 million people license a trio of integrated casino resorts featuring hotels, exhibition facilities and extensive gaming floors. In order to be selected as a host for one of these coming facilities, candidate communities are being required to partner with an experienced foreign operator before submitting their final plans to a panel of federal selectors in advance of a final July 30, 2021, deadline.

Considerable competition:

The source additionally reported that up to seven Japanese communities including the large cities of Yokohama and Nagasaki are interested in playing host to one of these coming gambling-friendly developments while Genting Singapore is said to be particularly keen on a proposal from Osaka that would see such a venue built on a 121-acre plot of reclaimed land on Yumeshima Island.

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Particular prudence:

Genting Singapore is already responsible for the giant Resorts World Sentosa development in Singapore and reportedly explained late last month that it would be seeking shareholder approval to spend up to $10 billion so as to endeavour to bring a similarly-grand venue to Japan. The firm announced that it was necessary to stipulate a maximum investment figure ‘for the purposes of good corporate governance’ as any such investment ‘should not be for an un-capped amount.’

Reportedly read a January 20 statement from Genting Singapore…

“Hence, the company is seeking the approval of shareholders to submit a proposed bid with respect to any one prefecture or city with an investment amount not exceeding $10 billion.”

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