Genting Singapore leads Japanese consortium in submitting Yokohama IR bid

GENTING Singapore has submitted a bid to build an Integrated Resort (IR) in Japan's Yokohama City, leading a consortium of Japanese corporates including Sega Sammy Holdings, Sohgo Security Services, Kajima Corp, Takenaka Corp and Obayashi Corp.

Genting hopes to develop "a world-class IR destination that is strategically positioned, sustainable and anchored on strong local collaborations", the company said in a Friday press release after the market close. Back in early-June, a Genting joint venture with Sega Sammy was cited by Japanese media to be one of two qualifying parties for the Yokohama IR request for proposal.

In its Friday filing, Genting said that its investment amount in the project will be less than its market capitalisation. The bid submission would not be subject to approval of shareholders, on the grounds that it is within the ordinary course of business.

"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," the company said.

The bid is subject to the selection of the consortium as the IR operator and the designation of Yokohama as an area where an IR may be developed, Genting said in its filing.

Shares of Genting closed flat at S$0.875 on Friday.