Galaxy Entertainment drops out of the Yokohama IR race

Posted: May 18, 2021 15:00 Category: Asia , Casino , Land-Based , Posted by Maria Debrincat

Galaxy Entertainment decided to pull out of the Yokohama IR race due to the impact of COVID-19 on the business environment

On Monday, the Macau-based casino operator, Galaxy Entertainment Group Ltd, announced it has withdrawn from the Yokohama prefecture’s race in hosting an integrated resort.

The company stated on a press release, “After careful consideration, Galaxy decided against taking part in the request for proposal process for an integrated resort in Yokohama”.

Galaxy said nonetheless that it “remains interested in pursuing an integrated resort licence in Japan”. The RFP process ended Monday.

Frances Galaxy Entertainment Vice chairman of Galaxy Entertainment, Francis Lui Yiu Tung, “The world and business climate continues to evolve which has been exacerbated by the Covid-19 pandemic,”.

Mr Lui noted, “We greatly appreciate the opportunity to play an active role in Yokohama’s IR selection process but have decided to not participate at this time.” And added, “We will continue our dialogue to support Japan in achieving its goal to develop a sustainable and world-class IR industry.”

Mr Lui also mentioned that Galaxy and a partner – Monte-Carlo Société des Bains de Mer from the Principality of Monaco, a firm in which Galaxy Entertainment has an equity interest – had been “actively pursuing discussion” for several years with the Japanese national government and local communities “including Yokohama”.

In other related news, last week, Suncity Holdings Japan Co Ltd., has withdrawn from the request-for-proposal (RFP) process on hosting a casino resort in the the Japanese prefecture of Wakayama.

This leaves the Wakayama RFP—which has been pushed back—with only one suitor (like Osaka), Canada-based Clairvest Neem Ventures, remained in the race for an integrated resort, or IR scheme.

In April, Yukio Fujiki, Chairman of the Yokohama Port Harbor Resort Association and former Chairman of the Yokohama Harbor Transport Association, effectively declared political war on all local politicians who are supporting the IR development in Yokohama in insubordination of the will of the public majority.

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