The battle for Yokohama’s integrated resort (IR) license is down to two contenders — and Genting Singapore is making it clear it’s aiming to win.
At the company’s recent annual meeting, it was revealed that part of Executive Chairman Tan Sri Lim’s compensation will hinge on securing a Japanese gaming license. Genting is going head-to-head with Melco Resorts & Entertainment (NASDAQ: MLCO) for the chance to develop a high-end casino-resort in Japan’s second-largest city.
Meeting documents show that Tan stands to receive a contingent bonus if Genting beats Melco in the bidding process — no bonus if it falls short. According to President and COO Tan Hee Teck, the incentive plan reflects the group’s proven success in developing and running Resorts World Sentosa in Singapore, one of Asia’s most respected integrated resorts.
Why Genting May Have the Edge
Only three casino licenses will be awarded in Japan’s initial rollout, and officials have long signaled a preference for operators with Asia-Pacific experience. Genting ticks that box with its track record in Singapore, operating under strict regulatory and operational standards — a model some analysts say Japan may favor over Macau’s.
Another strength is Genting Singapore’s financial position. Backed by an “A3” credit rating from Moody’s Investors Service, the company is viewed as financially robust, a quality Japanese policymakers are expected to prioritize.
For its Yokohama bid, Genting is partnering with Sega Sammy and Kajima Corporation. Sega Sammy holds a stake in a South Korean casino resort, while Kajima played a key role in building Resorts World Sentosa.
Melco’s Challenge
Melco, based in Hong Kong, has partnered with Japan’s Taisei Corporation. It brings significant experience from its integrated resorts in Macau and the Philippines, but analysts suggest Genting’s strong financials, regional operating expertise, and Singaporean model could make it the favorite in Yokohama’s RFP process.
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