On top of that, the ministry of finance, which issues the casino licence, has increased the annual casino licence fees by RM30 million to RM150 million, and machine dealer’s licence to RM50,000 from RM10,000 a year. It is believed that this is the first hike on casino duties in 20 years. Genting Singapore Plc is walking away from its casino joint venture on South Korea’s Jeju Island as it gears up for a possible integrated resort license application in Japan. Brokerage firm Maybank Kim Eng. Published a note on Sunday stating that casino operator Genting Singapore Ltd. Stood a good chance of being granted a license to run a casino in Japan. The statement follows the Japanese Government passing the second part of the two-piece Integrated Resorts Bill. The Legislation seeks to establish a domestic.

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 LIMITED (the “Company”) Incorporated in the Republic of Singapore Company Registration No.: 201818581G Minutes of the Extraordinary General Meeting (“EGM”) held at Resorts World Ballroom East, Resorts World Convention Centre, Basement 2, 8 Sentosa Gateway, Resorts World Sentosa, Singapore 098269.

Genting Singapore Plc has announced that it is walking away from its casino joint venture on South Korea’s Jeju Island. The casino operator is selling its resort interests in order to focus on its Singapore business, saving resources for potential opportunities in Japan.
The company announced that Algona, a direct wholly-owned subsidiary, entered into a conditional sale and purchase agreement with Landing International Development Limited, to dispose of its 100% interest in Callisto Business Limited for a consideration of approximately US$420m.
Genting is the second international casino operator to turn its back on Jeju. Earlier this year, Bloomberry Resorts revealed that it had sold its Jeju Sun Hotel &Casino after it had struggled to gain traction.
Following reports that Japanese lawmakers are renewing the push for casino gambling legalisation, Casino operators have started lining up to gain Japan’s elusive approval for an integrated resort development. MGM Resorts International, Hard Rock Cafe International and Las Vegas Sands have also expressed interest in obtaining a casino license in Japan.
Callisto’s subsidiary owns 50% of Landing Jeju Development Co. Ltd, which is developing an integrated resort in Jeju Korea.
In a filing, the company says: “The group has narrated its shift to focus on different market segments, and has been developing strategies to improve offerings to the affluent target markets. These strategies, including the group’s brand repositioning and development of new facilities, will help it grow within its home base in the near term.”
“Recent news reports from Japan are encouraging with regards to the advancement of the process to debate and pass the Integrated Resort Promotion Bill. The Group is optimistic that this Bill will be enacted in the near future. When this happens, significant resources will need to be devoted to position the group as a strong candidate for the bidding process.”

While its Universal Studios Singapore theme part and S.E.A. Aquarium – both part of Resorts World Sentosa – were able to reopen from 1 July, Genting said it continued to experience weak demand.

As such revenue for the third quarter was down 49.5% year-on-year at SGD$301.0m (£169.7m/€188.8m/$223.6m).

While gaming remained the largest contributor to revenue, its total for the three months to 30 September fell 41.0% to SGD$212.9m. Revenue from non-gaming amenities, meanwhile, fell 74.5% to SGD$59.9m, though revenue from its investment and hospitality businesses jumped to SGD$28.2m.

While Genting Singapore did not provide a full breakdown of third quarter performance, it said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 46.4% to SGD$149.0m.

After financial items, depreciation and amortisation, interest and taxes, net profit for the quarter was down 65.7% at SGD$54.4m.

Despite the year-on-year decline, the Q3 performance represented a significant uptick from the second quarter of 2020, in which Resorts World Sentosa was closed. For that period revenue plummeted 93.5% to SGD$41.3m, with the business’ net loss coming to SGD$163.3m.

As a result of the “unprecedented crisis” for Singapore’s travel and tourism industry, Genting Singapore said it was looking to “re-imagine and re-adapt” its guest offerings.

“For example, with travel restrictions still in place and the festive season round the corner, Resorts World Sentosa has rolled out specially-curated staycation packages for local residents by pairing up our uniquely themed destination hotels with trips to our attractions or dining experience at our award-winning restaurants,” it said.

It will also continue with plans for a SGD$4.5bn “mega expansion” of the resort, through which it aims to consolidate the property’s position as Singapore’s leading leisure and tourism destination.

Genting Singapore Casino License Online

Genting Singapore Casino License Application

The subsidiary will also look further afield, revealing that it is “keenly exploring” the opportunity of bidding for one of Japan’s integrated resorts licences in Yokohama.

Genting Singapore Casino License Renewal

“We will evaluate the conditions of the request for proposal (RFP) and the investment environment when the formal bidding process begins and will respond with a proposal if these conditions meet the group’s investment criteria,” it said.