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Genting’s Singapore Resort Gets Three-Year Casino License Extension

Genting Singapore’s Resorts World Sentosa gets three-year casino license extension as parent company prepares for Japan bidding process

Genting Singapore, a subsidiary of major Malaysian gaming and hospitality operator Genting Group, said last week that the Casino Regulatory Authority of Singapore has renewed its casino license for the operation of the Resorts World Sentosa integrated resort.

Genting Singapore further pointed out in a statement that its license has been extended for another three years with effect from February 6. The company operates the Singapore-based hotel and casino resort through its wholly owned subsidiary Resorts World at Sentosa Pte Ltd. subsidiary.

Resorts World Sentosa opened doors on the island of Sentosa, located off Singapore’s southern coast, in February 2010. The property is one of two integrated resorts with dedicated casino gambling space that were authorized by the government of the city-state back in the 2000s, the other one being Marina Bay Sands.

Singapore officials moved to lift a four-decade ban on gambling and legalize casinos within larger integrated resorts in a bid to revive the island-nation’s slackening tourism industry.

Although lawmakers authorized the construction of just two integrated resorts with Las Vegas-style casinos, Singapore quickly cemented itself as one of the world’s top three gambling hubs, with Macau and Las Vegas being the other two. In addition, the city-state’s legal casino framework eventually turned into the gold standard by which Japan crafted its own casino regulations.

Genting Singapore’s Japan Ambitions

The global casino field is preparing for what could be the biggest-ever licensing race. Japan legalized casino gambling just over two years ago and is now gearing up preparations to start the bidding process for three licenses for the operation of gaming facilities at three integrated resorts.

A number of major gaming and hospitality operators have expressed interest in Japan’s nascent casino market that is expected to top $10 billion once its first gambling venues open doors, and Genting Singapore has been one of them.

In a report released last summer, research firm Maybank Kim Eng said that the Singapore subsidiary of Genting Group has one significant advantage over most of the companies that will be bidding for a Japanese casino license.

Maybank analysts pointed out that with its “huge net cash pile”, Genting Singapore might be in a better position to fund a large-scale integrated resort project than its debt-laden American rivals that are eyeing entry in Japan.

According to a January monthly chart by the Singapore Exchange, Genting Singapore was among the best performing tourism-related stocks last month. The company saw its return hit nearly 11% in January on the back of consistent growth in international arrivals to Singapore. The city-state saw 16 million international visitors during the first 11 months of 2018, up 6.6% year-on-year.

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The post Genting’s Singapore Resort Gets Three-Year Casino License Extension appeared first on Casino News Daily.

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