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The Japanese subsidiaries of Genting Singapore have been dissolved.
December 29, 2021
The Japanese subsidiaries of Genting Singapore have been dissolved.

BayCity, Genting Osaka, Genting Yokohama, MoonLake, Resorts World Osaka, Spark Yokohama, and StarLight were among the establishments that were shut down. Genting International Japan, which was a direct totally owned subsidiary of the operator, was also one of the seven indirect wholly owned subsidiaries that were involved in the closure.

The owner of Resorts World Sentosa, which is located in Singapore, has stated that it is not anticipated that their dissolution will have any "material impact" on the consolidated net tangible assets and earnings per share of the group for the fiscal year that will finish on December 31, 2021.

Genting Singapore, which is a part of Genting Group, was the driving force behind the successful bid to get an integrated resort (IR) contract in the port city of Yokohama, which is located in Japan. In spite of the fact that the majority of gambling is still prohibited in the East Asian nation, a bill was approved in 2018 that allows for the establishment of IRs in three different cities.

The cities of Osaka and Yokohama were interested in hosting two of these resorts, and Genting Singapore was aiming to create partnerships with both cities in order to facilitate their operations. However, in February of 2020, it decided to withdraw from the race for the Osaka International Resort, which was ultimately won by MGM Resorts in September of 2021.

An anti-Israeli candidate won the mayoral election in Yokohama during the same month, and the city decided to withdraw its campaign for mayor. Analysts at the time pointed out that this decision might have a detrimental effect on Genting Singapore, and the firm expressed its "surprised and disappointed" response to the unexpected turn of events.

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