Genting Singapore Already Flexing Muscles in Yokohama
In what’s now a two-competitor race to bring an integrated resort to Yokohama, Genting Singapore is making clear it means business.
At the gaming company’s recent annual meeting, it was revealed a portion of Executive Chairman Tan Sri Lim’s compensation will be tethered to a successful bid for Japanese gaming license. The operator is competing with Melco Resorts & Entertainment (NASDAQ:MLCO) to bring a high-end casino-resort to Japan’s second-largest city.
A document containing meeting minutes and an investor presentation indicates Tan would be eligible for a contingent bonus assuming Genting Singapore defeats Melco. The bonus will not be paid if Genting isn’t successful in its quest to open an integrated resort in the Land of the Rising Sun.
President and COO Tan Hee Teck said the compensation plan was put together “based on the group’s commendable track record in developing and successfully operating Resorts World Sentosa in Singapore.”
He might be onto something because although it’s been just a few days since Genting and Melco were officially revealed as the two contenders in Yokohama’s request for proposal (RFP) process, some market observers believe it’s Genting’s race to lose.
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