Galaxy Entertainment Group sees Yokohama bid as progress
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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

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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.

Disclosure
Dominion holds Galaxy Entertainment Group in its Global Trends Luxury Fund.


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