Genting Singapore also declares itself
Macau-based gaming operator Galaxy Entertainment Group Ltd. has announced it is joining with Monaco casino firm Société des Bains de Mer et du Cercle des Étrangers à Monaco to apply for a casino license in Japan. The country legalized casino gaming in December.
In a joint statement, the companies said they share “a mutual commitment to work together on the development and operation of entertainment businesses including integrated resort projects in the Asia-Pacific region,” specifically Japan. “Both companies look forward to the possibility of collaborative efforts to design, develop and operate an integrated resort in Japan.”
In July 2015, Galaxy Entertainment acquired a 5 percent stake in SBM. It was Galaxy’s first and only major gaming investment outside of Macau, reported GGRAsia. The firm operates Galaxy Macau and Broadway Macau in the city’s Cotai district and StarWorld on the Macau peninsula.
Galaxy Chairman Lui Che Woo said the partners would likely seek a local partner when it bids on a Japanese license.
Others lining up to bid on Japan include the Las Vegas Sands Corp., MGM Resorts International, Melco Crown Entertainment Ltd. and Genting Singapore Plc., whose Executive Chairman Lim Kok Thay recently wrote that the Malaysian company is “encouraged by the passing of the Integrated Resorts Promotion Bill in Japan and will be positioning the group as a strong candidate for the bidding process.”
Writing in Genting Singapore’s 2016 annual report, Lim added, “If we are successful in bidding, this project will create significant value to the growth of the group.”
SBM’s largest shareholder is the Monaco government. Its casinos include the Casino de Monte-Carlo; Casino Café de Paris; Sun Casino; and Monte-Carlo Bay Casino; as well as a number of hotels.
“Galaxy Entertainment’s success in Asia will certainly be a valuable enhancement to SBM’s portfolio,” said SBM Chairman and Chief Executive Jean-Luc Biamonti.
