Asia

Analysts Say Plans to Develop an IR in Yokohama Likely Shelved Very Soon

Published

4 years ago

August 26, 2021

Niji Narayan

expact.com

Reading Time: < 1 minute

Although there hasn’t been an official announcement yet, analysts at Maybank Investment Bank Bhd believe plans to develop an integrated resort (IR) in Yokohama will be shelved soon following Takeharu Yamanaka’s victory in mayoral elections.

Yamanaka was one of several anti-IR candidates. According to local media reports, Yamanaka said: “We will issue a formal statement soon making it clear that Yokohama will not make a hosting bid for an IR.”

Brokerage Nomura said: “Investors who were positioning for positive news out of Yokohama for Genting Singapore, as well as for parent company Genting Bhd … might take the news negatively in the near term.”

However, Genting Singapore is still waiting for an official announcement. It said it would not consider immediately withdrawing its IR proposal.

It said: “We believe that we are the leading company in the IR business in Japan, and we will not give up the opportunity soon.”

The other IR contender for Yokohama, Melco Resorts & Entertainment, has not made any statement yet.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.