GEN Singapore Edge At Melco In Yokohama: Maybank

Casino company Genting Singapore could beat rival global operator Melco Resorts and Entertainment and could be another eligible bidder in the race to become a casino complex partner in Yokohama, Maybank Investment Bank Bhd said on Wednesday.

A note from banking group Nomura on Monday said it would “estimate at least a 50% chance of Singapore being selected as the winning bidder” in Yokohama’s attention to casino plans or integrated resorts (IR), as is known in Japan.

Maybank said Genting Singapore’s preferred factors include its decision to link with Japan-based entertainment and gaming giant Sega Sammy Holdings Inc. for its Yokohama project. Sega Sammy Holdings already has such collaborative experience through Paradise City Games Resort with Paradise Inc. in Incheon, South Korea.

Genting Singapore operates the Resorts World Sentosa Casino Resort, which is part of Singapore’s dual governance system.

“If Genting Singapore owns 50% of the proposed joint venture in Yokohama, we estimate that Yokohama IR will add S$1.8 billion [US$1.36 billion] to its bottom line,” wrote Samuel Yin Sao Yang, an analyst at Maybank.

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.

In his latest note on Yokohama racing, Sega Sammy executives’ recent comments, Mr. Yin acknowledged that he would prefer to be a minority partner in Japan IR.

“In our view, Genting Singapore scores better for promoting tourism, management and financial capacity and responsible gambling planning compared to Melco,” the Maybank analyst said.

He also noted that Genting-Sega Sammy, whose Japan-based company Kajima Corp. has chosen a construction partner for any initiative in Yokohama, is “the main contractor for building the Genting Singapore Resorts World Sentosa.”

Local governments interested in attracting casino resorts must first select a commercial partner and apply for a lien for the facility to the national government concerned. Under the relevant legislative system, up to three resorts will be allowed in Japan.

BY: 무료 슬롯

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