Singapore Stockholders to Provide Support for Casino Initiative in Japan

Shareholders of Genting Singapore, a subsidiary of Asian gaming giant Genting Malaysia Berhad, have reportedly voted by a large majority to support the firm’s attempt to obtain one of the three available IR (integrated resort) licenses in Japan.

As reported by Inside Asian Gaming, this Singapore-based operator held an extraordinary general meeting on February 4, at which 99.94% of shareholders approved a plan according to which the company could spend up to $10 billion, in order to get the right to build and operate an integrated casino in Japan.

According to some reports, the proposal was aimed at requesting permission from the shareholders to initiate such conditions as the directors deem appropriate to allow Genting Singapore “do all such things and execute all documents as they may consider necessary or expedient,” in order to win one of the three forthcoming Japanese IR licenses.

Although most gambling activities are currently banned in Japan, in July 2018, Prime Minister Shinzo Abe’s coalition government passed a law concerning the licensing of a trio of integrated casino resorts with hotels, exhibition venues, and extensive gaming floors. To be selected as the host for one of these new facilities, candidate communities must partner with an experienced foreign operator before submitting their final plans to a group of federal selectors before the final deadline on July 30, 2021.

The source also said that up to seven Japanese communities, including the major cities of Yokohama and Nagasaki, are interested in hosting one of these gambling-related events; while Genting Singapore is said to be particularly interested in Osaka’s proposal, which has a 121-acre site of reclaimed land on the island of Yumeshima.

Genting Singapore is already engaged in a colossal development of Resorts World Sentosa in Singapore; and at the end of the last month, they reported that they would seek shareholder approval to spend up to $10 billion, in the attempt to create an equally grandiose location in Japan. The company announced that it was necessary to indicate the maximum amount of investment “for the purposes of good corporate governance,” since stakeholder investments should not be for an unlimited amount.

Thus, Genting Singapore has already provided an outline of its IR intentions, stating that the company is seeking shareholder approval to file the proposed application for any prefecture or city, while any investment amount should not exceed $10 billion.

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