Genting Singapore, operator of Resorts World Sentosa, said Friday that it has placed seven wholly-owned subsidiaries incorporated in Japan under members’ voluntary dissolution and liquidation – some three years after its hopes of developing an integrated resort in Yokohama were quashed.
In a filing, the company named the subsidiaries as Acorn Co., Ltd, BlueBell Co., Ltd, Genting Japan Co., Ltd, Genting Tokyo Co., Ltd, Resorts World Japan Co., Ltd, Resorts World Tokyo Co., Ltd and SunLake Co., Ltd.
The dissolution and liquidation of the subsidiaries would not have any material impact on the consolidated net tangible assets and earnings per share of the group, it added.
Genting Singapore had been considered a favorite to win an integrated resort license in Yokohama ahead of fellow contender Macau’s Melco Resorts & Entertainment due to its track record of running a successful IR in Singapore, a jurisdiction known to be admired by Japanese authorities for its strong regulatory environment.
The company had also formed a strong consortium that included Japanese gaming firm Sega Sammy Holdings, security and disaster prevention specialists Sohgo Security Services Co Ltd plus three of Japan’s “big five” architecture, engineering and construction companies in Kajima Corporation, Takenaka Corporation and Obayashi Corporation.
However, Yokohama’s IR bid process was officially terminated in September 2021 and the local IR office closed after anti-IR campaigner Takeharu Yamanaka won the mayoral election.
Genting Singapore said at the time that it was “surprised and disappointed” by the city’s decision to cancel the Yokohama IR Bid, noting that it had “devoted considerable time and our best efforts to prepare and submit a compelling bid.”
The company has since stated its interest in Thailand as a potential location for expansion should IR legislation currently being reviewed by the Thai cabinet become law.
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