Singaporean firm Genting dissolves Japanese affiliates

The following entities were among those that were shut down: BayCity, Genting Osaka, Genting Yokohama, Spark Yokohama, Resorts World Osaka, MoonLake, and Genting International Japan, which is a direct totally owned subsidiary of the operator.

For the fiscal year ending 31 December 2021, the owner of Resorts World Sentosa in Singapore stated that the dissolution of the company is not expected to have any "material impact" on the group's consolidated net tangible assets and earnings per share.

Yokohama, a port city in Japan, was the site of an integrated resort (IR) contract that Genting Singapore, a division of Genting Group, spearheaded. A bill was approved in 2018 allowing the building of IRs in three cities, while most gambling is still prohibited in the East Asian country.

Genting Singapore was seeking agreements to operate these resorts, and Osaka and Yokohama were competing to host two of them. However, in February 2020, it withdrew from the competition for the Osaka IR. MGM Resorts went on to win the race in September 2021.

At the same time as the city withdrew its candidature for mayor, an anti-IR candidate won the election in Yokohama. The business expressed its "surprise and disappointment by the unexpected turn of events" in response to analysts' warnings that this move would hurt Genting Singapore.