Genting Wraps Up Japan Casino Units with Dissolutions and Liquidations

December 31, 2021 Casino & Hotel

Genting Singapore Limited announced this week that it will wind up and shut down all eight of its subsidiaries in Japan. The move comes after the company put its plans on hold in September after the new mayor of Yokohama said the city would not participate in the integrated casino resort initiative authorized by law years earlier.

The units listed on SGX stock exchange announcement for voluntary dissolution and liquidation included the wholly-owned subsidiary, Genting International Japan Co Ltd., and seven indirectly owned subsidiaries in the country comprising BayCity Co., Genting Osaka Co., Genting Yokohama Co., MoonLake Co., Resorts World Osaka Co., Spark Yokohama Co., and StarLight Co., all Limited companies.

No Impact Expected on Genting Bottom Line
The order, filed on behalf of the board of directors by Secretary Liew Lan Hing, stated:
“The members’ voluntary dissolution and liquidation of the Subsidiaries are not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group (being the Company and its subsidiaries) for the financial year ending 31, December 2021.”

Genting Singapore operates Resorts World Sentosa and keeps offices at the casino resort on Sentosa Island in Singapore. The country has only two casinos, Resorts World Sentosa (RWS) and Marina Bay Sands which is owned by Las Vegas Sands Corp.