Signalling its intentions in Japan’s prospective integrated resorts sector, Genting Singapore has created five wholly-owned subsidiaries in the country.
In a statement released to investors, the board of directors of Genting Singapore announced the incorporation of Genting Japan; Genting Tokyo; Genting Osaka; Genting Yokohama; and Resorts World Yokohama.
The company told the Singapore Stock Exchange: “Each subsidiary has an issued and paid-up share capital of JPY2 and its principal activities will be that of development and management of integrated resort and leisure destinations; marketing and promotion of integrated resort and leisure destinations; and investments and management of real estate and trust beneficiary interests.”
Genting said the incorporations are not expected to have any material impact on the consolidated net assets and earnings per share for the 2018 financial year.
COMMENT: This latest move follows last year’s announcement by Genting of its intention to open an office in Japan and its recent interest in Osaka, with its participation in the Kansai IR showcase event in April. Expect Genting to be among the frontrunners when Japan finally begins handing out its IR licences.