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Travel & Leisure

Genting Singapore-led group in running for Yokohama casino deal

Two competing offers, one unnamed, to be considered ahead of final decision this summer

Yokohama's Minato Mirai waterfront business district. The Japanese port city lost multiple potential suitors to build an integrated resort casino. (Photo by Tomoya Ushiyama)

YOKOHAMA -- A consortium led by casino operator Genting Singapore has submitted its proposal to build a gambling resort in Yokohama, the Japanese port city announced Friday.

The Genting consortium is expected to compete with a proposal by a group led by Macao rival Melco Resorts and Entertainment.

Yokohama said it received two bids by the Friday deadline, but declined to name the other party.

Genting Singapore said in a statement: "We are ideally positioned to deliver an iconic IR [integrated resort] to transform and grow Yokohama City to become a major tourist destination."

The Singapore-listed company's investment in the project will be less than 100% of its market capitalization, according to the statement.

The other unnamed consortium comprises one lead company and two participants, according to Yokohama. The city will choose the winner this summer after discussing the bids at a committee.

The bids come after Japan in 2018 legalized so-called integrated resorts -- entertainment complexes that provide gambling. Macao-based operator Galaxy Entertainment Group said last month it would not participate in developing the resort in Yokohama, one of the cities seeking the first round of approved projects. U.S. players Wynn Resorts and Las Vegas Sands also pulled out of the running.

Joining Genting's Japanese consortium are general contractors Obayashi, Kajima, and Takenaka, as well as amusement company Sega Sammy Holdings and security services provider Alsok.

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