Posted on: July 29, 2021, 9:44 a.m.
Last updated on: July 29, 2021, 9:46 a.m.
Yokohama officials have unveiled the two qualifying Integrated Resort (IR) offerings from Genting Group and Melco Resorts.
Until August 7, an exhibition at Yokohama City Hall features models of the two large-scale casino design grounds. Each is expected to cost several billion dollars, but only one will be selected by the city and its prefecture of Kanagawa.
Yokohama is one of four Japanese cities vying for an IR license from the central government. Three commercial casino concessions have been authorized in Tokyo by the National Diet of Japan.
Along with Yokohama, Osaka, Nagasaki and Wakayama are part of the auction pool. Japanese Prime Minister Yoshihide Suga is following in the footsteps of his predecessor and mentor Shinzo Abe by continuing to believe that integrated resorts will fuel tourism in Japan.
Casino operations remain engaged
Hong Kong-headquartered Melco Resorts reported a net loss of $ 185.7 million in the second quarter of 2021. But the casino operator’s billionaire founder Lawrence Ho is pleased with the takeovers in the Melco’s properties in Macau, Manila and Cyprus.
Ho said COVID-19 will not hamper Melco’s ambitions in Japan.
The development of the integrated resort industry in Japan has continued to advance. We remain convinced that Japan represents the best potential new gaming market in the world, “Ho explained.” We remain patient and continue to maintain our disciplined approach to all development activities, including in Japan. “
Genting Group also remains loyal to Japan.
The Malaysia-based casino company recently opened its $ 4.3 billion Resorts World Las Vegas property on the Strip. Controlled by billionaire Lim Kok Thay, Genting says he has plenty of cash on hand to continue his Japanese business.
Genting’s IR consortium in Japan includes a partnership with Japanese companies Sega Sammy and Kajima. Sega Sammy is in the video game and pachinko industries, but is best known around the world for its Sega Genesis platform and the Sonic the Hedgehog franchise. Kajima is a Tokyo construction company contracted by Genting to build its Resorts World Sentosa IR in Singapore.
Melco’s consortium includes the Japanese company Taisei Corporation, a construction and engineering company.
In Asian games was the first to report on plans for Yokohama IR on display at the city’s government headquarters.
The exhibits, however, are light on the details. The models are vague at best, and the developers concede that nothing is set in stone.
Melco’s model includes three wavy and curved structures, as well as a more traditional hotel tower. Genting’s display is more blocked and rectangular, much like RW Las Vegas.
Yokohama city officials, as well as Kanagawa Prefecture leaders, will ultimately decide what program to implement. Once selected, which is expected to take place over the next eight weeks, the prefecture and city will apply to the central government of Japan for one of three casino concessions.
Game analysts ruled Genting the favorite to win in Yokohama. With over 3.5 million inhabitants, Yokohama is the second most populous city in Japan.