Genting Singapore jockeys for Japan position, sets up 8 units

    Genting Singapore said it has set up eight subsidiaries in Japan, ahead of the expected legalization of casinos in the country.
    In a Singapore stock exchange filing, Genting said “each subsidiary will be principally engaged in investment holding, leisure and related businesses.” Genting Singapore, a unit of Malaysia’s Genting group is seen to be positioning itself in Japan after losing out on a license in Macau. The group is pushing hard to diversify globally to reduce dependence on the sluggish Singaporean and Malaysian markets.
    Analysts say that the company stands a better chance of receiving a license in Tokyo than it did a decade ago in Macau as it has a better track record of operating integrated resorts, through its Resorts World Sentosa complex in Singapore and its Resorts World Manila presence in the Philippines.
    The company has not indicated how much it may be prepared to invest in the country. Rivals, such as Las Vegas Sands, have said they may spend as much as $10 billion to gain a foothold in what is expected to become the world’s second-biggest gambling market, with consensus estimates for the market size running at about $20 billion.