Genting Singapore surprised and disappointed by Yokohama IR cancellation

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Genting Singapore says it has been left surprised and disappointed after Yokohama officially cancelled its IR bid process on Friday in the wake of the recent mayoral election.

Although the fate of Yokohamas IR dream has been well known ever since former Yokohama City University Professor Takeharu Yamanaka won last months election on an anti-IR platform, the decision to abandon the bid process was only confirmed on Friday with publication of the new mayors policy statement.

In response, Genting Singapore one of two candidates taking part in Yokohamas RFP alongside Melco Resorts & Entertainment issued a statement of its own declaring its bid over and expressing dismay at the lost opportunity.

We are surprised and disappointed by the unexpected turn of events leading to the Citys decision to cancel the Yokohama IR Bid, Genting Singapore said.

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.

The Company would like to thank all parties who have supported and contributed to our Yokohama IR Bid and we extend our best wishes to Yokohama City.

The Genting Singapore consortium, which also included Japanese gaming firm Sega Sammy Holdings, security and disaster prevention specialists Sohgo Security Services Co Ltd plus three of Japans big five architecture, engineering and construction companies in Kajima Corporation, Takenaka Corporation and Obayashi Corporation, had been considered well placed for selection as Yokohamas IR development partner.