The city of Yokohama, Japan, on Friday completed the filing of a Request for Proposal (RFP) for commercial partners to obtain a casino complex or integrated resort (IR), as is known in Japan.
The city (pictured) confirmed the submission of an already qualified consortium involving Genting Singapore Ltd., the operator of Resort World Sentosa, the current Singapore casino venue, and Sega Sammy Holdings Inc., an investor in Paradise City Casino Resort, Incheon, Korea.
Kazima Corporation has also been identified as the consortium’s construction partner. In addition, Obayashi Corporation and Takenaka Corporation were mentioned as contractors for the construction phase in Friday’s announcement.
On Friday, there were further comments on the consortium involving Sogo Security Services Inc.
On Friday, Yokohama authorities did not release the names of the second group of eligible RFP participants.
However, on May 31, Japan’s public broadcaster NHK reported that global casino operators Melco Resorts and Entertainment Ltd. and Japanese builder Taisei Corp. have qualified for the Yokohama RFP.
Genting Singapore said in an announcement sent to the Singapore Exchange on Friday that its bid to become Yokohama’s partner on the casino scheme aims to “create a strategically located, sustainable and global IR destination pegged to strong local cooperation.”
Genting Singapore added that the amount of the company’s investment would be less than 100% of the company’s market capitalisation, based on “proportionate equity holdings in the IR project”.
“If Genting Singapore owns 50% of the proposed joint venture in Yokohama, we estimate Yokohama IR will add S$1.8 billion [US$1.36 billion] to its bottom line,” Samuel In Xiao Yang, Maybank Investment Bank Bhd analyst, wrote in a commentary last week.
Maybank’s May 19 memo estimated it could generate $6.5 billion in annual gaming revenue and $1.9 billion in non-gaming revenue in 2028, the first 12 months of the Yokohama casino plan.
Local governments interested in attracting casino resorts must first select a commercial partner and apply for a lien for the facility to that local government. According to the previously announced schedule, Yokohama City authorities are expected to select suitors this summer. According to the relevant legislation, up to three resorts are allowed in Japan.
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