Genting Singapore has started to hire a Japanese team to prepare for the bid.
Casino operators worldwide are trying to get the ball rolling in Japan as the country opens up its casino market with the passing of the Integrated Resorts Implementation Bill in July. Singapore’s two casino operators quickly expressed interest in securing a license in what is shaping up to be one of the largest casino markets in the world. Analysts reckoned there is a likely chance that either Genting Singapore, which owns Resorts World Sentosa, or Las Vegas Sands, which owns Marina Bay Sands, will win a license and usher a strong new growth driver in the medium term horizon as both operators face respective headwinds in the Singapore market.
Going head to head
Japanese Prime Minister Shinzo Abe has supported the idea of legalising casinos despite domestic opposition due to the strong tourism draw of integrated resorts, which are comprised of casinos as well as hotels and other entertainment and business facilities. Foreign casino operators reportedly estimated the Japanese casino market could be worth about $15.8b annually when resorts are opened in three cities, which would surpass Nevada’s $11.1b.
UOB Kay Hian analyst Vincent Khoo noted that the two Singapore casino operators are “strong candidates in the integrated resort bidding, given their experience in operating in a highly-regulated casino environment and track record in contributing to the country’s tourism.”
Genting Singapore has started to hire a Japanese team to prepare for the bid, according to OCBC Investment Research, whilst Las Vegas Sands is reportedly putting effort into engaging with local officials, businesses, and community groups in Osaka, widely expected to be chosen as the first major city to host a casino in Japan.
This story is from the October - December 2018 edition of Singapore Business Review.
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This story is from the October - December 2018 edition of Singapore Business Review.
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