Genting Singapore Names its Five Yokohama IR Consortium Partners
Genting Singapore has officially named its five Yokohama IR consortium partners, comprised entirely of local Japanese corporations.
According to a press release issued Friday, Genting Singapore will lead the consortium, which includes Japanese pachinko giant Sega Sammy Holdings alongside Sohgo Security Services Co Ltd (ALSOK), Kajima Corporation, Takenaka Corporation and Obayashi Corporation.
Sega Sammy is the only partner to bring previous integrated resort experience via its 45% stake in South Korean IR Paradise City – a collaboration with Korea’s leading foreigner-only casino operator Paradise Group – however the group brings together a range of specialist skills seemingly targeted towards IR development.
Sohgo Security Services Co Ltd provides security and disaster prevention services, while Kajima, Takenaka and Obayashi represent three of Japan’s “big five” architecture, engineering and construction companies.
“Our vision is to create a world-class IR destination that is strategically positioned, sustainable and anchored on strong local collaborations,” said Genting Singapore, owner and operator of Singapore’s Resorts World Sentosa.
“Having both solid financial strength and over 30 years of successful track record in developing tourism focused IRs, we are ideally positioned to deliver an iconic IR to transform and grow Yokohama City to become a major tourist destination. In turn, the City will be an in-bound tourism gateway to Japan and contribute towards Japan’s tourism growth strategy.”
Genting Singapore said its Board of Directors has already approved investment in the project without the need for shareholder approval on the basis that such investment would be less than 100% of its current market cap.
The consortium is one of two to have qualified for the next stage of Yokohama’s RFP alongside a group led by Melco Resorts & Entertainment.
However, a number of analysts have already named the Genting Singapore consortium as a favorite to win selection by Yokohama, with Maybank Research’s Samuel Yin Shao Yang recently suggesting Genting Singapore is “better positioned than its competitors by miles” due to its strong track record in MICE, boosting tourism, financial stability and responsible gambling initiatives at its Singapore IR.
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