Galaxy Entertainment Group sees Yokohama bid as progress
Japanese city Yokohama is officially planning to bid for one of the three Integrated Resort licenses being issued by the Japanese government. Integrated Resorts are a by-word for hotel complexes that include casinos – thereby introducing gaming to the country. And big players like Galaxy Entertainment Group are more-than interested in operating there… Japan has a wealthy aging population, all signs that the gaming market could see strong success. Galaxy’s chairman, Francis Lui, was quick to praise news of Yokohama’s bid as a positive development for the industry.
Galaxy’s share price has appreciated by 5% over the past 5 days
Source: Yahoo Finance
Lui told reporters that the bid was “pleasing” and pointed out its significance to reporters: “The fact that so many cities, including Yokohama, are interested in an IR bid shows that momentum us increasing, which is a very pleasing thing for IR operators like us. The understanding and interest in IRs by the Japanese people will lead to more advanced discussions, generating more competitive ideas, and an innovative IR completely unique to Japan will be born from it. We will continue to research and analyse entry to Japan and would like to learn from those involved in the hope of developing an IR that will become a world-class landmark.”
Galaxy is one of just 12 operators that responded to a request for information from Yokohama, and has been an active fixture since. Most recently, it sponsored the recent Galaxy Entertainment EuroJapan Cup at Yokohama’s Nissan Stadium.
Dominion holds Galaxy Entertainment Group in its Global Trends Luxury Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.