Posted: January 8, 2024, 03:22.
Last updated: January 8, 2024, 03:40h.
Genting Singapore could emerge as a candidate for a casino license in Thailand if the country’s government approves the integrated resort.
Maybank analyst Samuel Ying Hsiao Yan said in a recent client report that Resorts World Sentosa’s operator may bid for a casino license in Thailand to achieve its objectives. The company said it may form a joint venture with an unspecified partner.
Although he acknowledges that a Thai IR is likely to pose a threat to Genting Singapore. [Resorts World Genting operator] “History shows that Genting Malaysia and Genting Singapore are willing to expand overseas, partly to stave off competition,” Yang wrote.
The analyst cited Genting Singapore’s past flirtations with projects in Japan and South Korea as evidence that the company is open to expansion in the Asia-Pacific region and is considering joint ventures as a means to do so. listed. Genting closed its Japan operations at the end of 2021 as it became increasingly clear that Yokohama’s policymakers and residents did not want the casino hotel to participate.
“Therefore, if Thailand liberalizes its casino industry, we do not discount the possibility of Genting Singapore forming a joint venture to bid for Thailand’s IR license,” Yang added.
Thai casino games could take shape this year
Thailand currently does not allow casino gambling, but Thai policymakers are showing signs of changing course in that regard, and there appears to be strong appetite among operators to potentially enter the country.
Although Thailand lacks the gaming infrastructure found in other countries in the Asia-Pacific region such as Macau, the Philippines, Singapore and South Korea, the country is showing signs of becoming increasingly open to the idea of integrated resorts. .
In 2021, lawmakers suggested that casino gaming may be inching closer to reality. To this end, several committees have been established to consider issues such as tax collection, integrated resort location, investment attraction, operations, and community impact.
With Macau having six concession holders and Singapore’s duopoly of Marina Bay Sands and Resorts World Sentosa firmly established, Thailand is poised to become the next great frontier in casino gaming in Asia Pacific. It is widely seen as one of the There are hopes that the country could make some progress on the issue this year.
Genting Singapore could face major competition from Thailand
One thing is certain. If Thailand moves forward with permitting integrated resorts and approves multiple properties at the same time, competition for licenses will likely be fierce and attract the biggest names in the industry.
Las Vegas Sands has already indicated it may be interested in building an integrated resort there, and Galaxy Entertainment and MGM Resorts International are also thought to feel the same way. . All three are established in the region.
Bottom line: Genting Singapore is a strong candidate for a casino license in Thailand, but it will face off against some credible rivals in its quest.