If and when Thailand legalizes casino gaming, investment bank Maybank expects Genting Singapore, operator of Resorts World Sentosa, to bid for a license.
As reported by Inside Asian Gaming, in an investors’ note on Genting Singapore in 2024 and beyond, Maybank analyst Samuel Yin said the company may be interested in a joint venture for an integrated resort (IR) license, based on its previous attempts in Korea and Japan.
“While we acknowledge that Thai IRs are more likely to be a threat to Genting Singapore than to Genting Malaysia, we note from history that Genting Singapore is not averse to expanding overseas to partially stave off competition,” Yin wrote. The Genting Group, headquartered in Kuala Lumpur, Malaysia, is made up of the holding company Genting Berhad and several subsidiaries, including Genting Singapore.
“Recall that Genting Singapore tried to expand into Jeju, South Korea until November 2016 and Yokohama, Japan until September 2021 in order to partially stave off competition from them,” Yin continued.
“Thus, we do not discount the possibility that Genting Singapore may form a joint venture to bid for a Thai IR license should Thailand liberalize its casino industry.”
In October, Thailand’s House of Representatives established a 60-member committee to study the feasibility of a legal gaming industry. The committee was given 90 days to make its recommendations.
A report filed with the National Assembly in July 2022 recommended that the government approve a number of “entertainment complexes” in up to five locations nationwide, with Bangkok and the Eastern Economic Corridor considered prime locations.
The report called for gaming to occupy no more than 5 percent of the total floor space, with the balance to feature non-gaming attractions such as luxury hotels, retail corridors, spas, theme parks, zoos and sports stadiums.
Entry would be limited to foreigners and locals 21 years of age and older. Thai gamblers would need to show proof of income and demonstrate a reserves of at least THB500,000 (US$15,000) over a period of six months.
Thai punters must now cross the borders to gamble legally; Cambodia’s casino industry relies mostly on Thai patrons.
