Genting Singapore: Yokohama City cancels integrated-resort bid process

Genting Singapore reported Friday Japan’s Yokohama City published a decision to cancel the integrated casino-resort bid process, meaning the company’s participation in the bid is discontinued.

“We are surprised and disappointed by the unexpected turn of events leading to the city’s decision to cancel the Yokohama IR Bid, as the board of directors and management of the company, together with our consortium partners and supporting partners have devoted considerable time and our best efforts to prepare and submit a compelling bid and proposed a significant investment that will benefit the City of Yokohama and its community, and at the same time make Yokohama a world-class tourism destination,” Genting Singapore said in a filing to SGX.

In August, the city had elected a new mayor, Takeharu Yamanaka, who is adamantly opposed to building an integrated casino resort (IR) there, according to a Maybank Kim Eng report published in August. Yamanaka had previously described casinos as “poison apples,” and had pledged to immediately withdraw the integrated resort bid, the brokerage said.

In June, Genting Singapore said it was leading a consortium of local Japanese companies — including Sega Sammy Holdings, Sohgo Security Services (ALSOK), Kajima Corp., Takenaka Corp. and Obayashi Corp. — and had submitted a bid for Yokohama City’s request for proposal.