Genting Singapore’s Annual General Meeting on Friday, May 17, Executive Chairman Tan Sri Lim Kok Thay revealed the company’s interest in expanding into the UAE and Thailand.
Shareholders inquired about Genting Singapore’s future growth and international expansion strategies. Executive Chairman Tan Sri Lim Kok Thay responded by stating that while the Singapore government is expected to scrutinize investment decisions due to the heavily regulated nature of the gaming industry, it will not interfere with the company’s investment plans. He noted that government conditions pertain to integrated resorts (IRs) rather than standalone casinos.
Potential Expansion in the UAE
Addressing potential expansion in the UAE, Lim remarked that an international tender for a casino-only development is improbable. However, he expressed willingness to pursue an integrated resort development in the Middle East, leveraging Genting’s experience with non-gaming amenities.
Interest in Thailand
Regarding Thailand, Lim acknowledged the lengthy and complex bidding process for casino licenses, referencing their discontinued bid for a casino license in Japan. He emphasized that Genting’s current focus is on enhancing Resorts World Sentosa (RWS) 2.0 to deliver better performance and returns for shareholders. The company will consider opportunities in Thailand once there is greater clarity on the legalization of gaming in the region.
Genting Singapore CEO Tan Hee Teck echoed Lim’s sentiments, stating that it is still too early to engage in the Thai casino licensing process. He highlighted the necessity for crucial details to be finalized before the company can make an informed decision about entering the market.
While Thailand is in the early stages of legalizing casinos and gambling, with ongoing discussions and updates about casino spaces in entertainment complexes, Genting Singapore remains cautiously optimistic about potential future opportunities.
