Genting Singapore seeks approval for $10bn Japan IR budget
Genting Singapore has set a maximum budget of $10bn for a proposed development, operation, management and/or ownership of an IR in Japan.
The company announced in a circular that it is seeking an extraordinary general meeting (EGM) to take place on 4 February, where it will seek approval from the shareholders for “one or more” bids for one of the three available IR licenses in the country, following the Diet’s legalisation of casinos.
With regards to where the bid would focus on, the statement said: “In addition, the board has considered that it will focus on major prefectures and cities in submitting the proposed bid.
“This is to ensure that the company develops and operates a Japan IR in a prefecture or city with a large addressable market.”
Genting will not bid for more than one IR license, although it may put forward more a bid in the first seven years after the Minister for Land, Infrastructure, Transport and Tourism of Japan has approved the first IR.
Genting said: “The group’s strong financial position puts it in an exceptional position to develop a truly transformational project in Japan.
“The Japan IR investment will enable the group to optimise its balance sheet and create attractive and sustainable returns to shareholders in the medium and longer term, as it did with the Singapore IR.”
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