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

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.