Sega Sammy planning to contribute US$1 billion to Genting Singapores Yokohama IR consortium

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Japans Sega Sammy Holdings says it will invest up to JPY120 billion (US$1.09 billion) in the development of an integrated resort in Yokohama following confirmation late last week that it was part of a Genting Singapore-led consortium.

As reported by Inside Asian Gaming, the consortiumincludes five local Japanese companies, the others being security and disaster prevention services firm Sohgo Security Services Co Ltd and three of Japans big five architecture, engineering and construction giants in Kajima Corporation, Takenaka Corporation and Obayashi Corporation.

With Yokohamas RFP submission period officially closing last Friday, Sega Sammy the Japanese pachinko giant which also holds a 45% stake in South Korean integrated resort Paradise City confirmed it would hold a minority stake in the new project and plans to spend up to approximately JPY120 billion from us on a cumulative basis.

It also stated, We have come to the conclusion that Genting Singapore is the best partner for the success of our domestic IR business, who has been successfully developing and operating Resorts World Sentosa in Singapore, one of the regions that operates and develops an integrated resort under the strictest discipline in the world.

We worked with Genting Singapore to analyze the market for domestic IR business, formulate development plans, organize the consortium and prepare for an RFP application and we have officially applied for the RFP conducted by Yokohama City.

Sega Sammy noted that more specific details of how the consortium would work and what joint ventures will be formed were yet to be determined.

However, it added, Through this Consortium, we will proactively participate in IR business in Yokohama City, create a new industry in Japan and contribute to the revitalization of the domestic economy and the tourism industry.

We will also aim to expand the domestic IR business in the future by developing and operating highly transparent and sustainable IR facilities that contribute to the sustainable development of society.

The company said it expects the consortium will open an integrated resort in Yokohama by the late 2020s should it win city and national selection.