At the Genting Group’s annual meeting on April 18, Chairman Lim Kok Thay said “the company would be happy to work on an IR (integrated resort) development in the Middle East,” including the United Arab Emirates (UAE).
He hinted at interest in Thailand, too, which is now considering legalizing up to eight casino resorts in the country.
There’s a caveat when it comes to the UAE; in meeting minutes cited by Asia Gaming Brief, Lim suggested that an investment there “is unlikely” if “an international tender (is) for a casino-only development.”
When a shareholder asked whether Genting would be interested in Thailand, at first he was noncommittal, saying, “The company is well-positioned, due to it being a Singapore company and its experience with IRs, to pursue IR project bids.”
In response to a second question on Thailand, he added, “It would be necessary for crucial details to be fired up, such as locations and whether local residents would be allowed to gamble or not, before the company can decide if it should consider a bid.”
He added that the firm is focusing on the expansion of Resorts World Sentosa (RWS) in Singapore, and said Genting “cannot be totally reliant on the gaming business.”
The RWS expansion represents an estimated investment of $3.34 billion to $5 billion, with a projected completion date of 2029-30. The project will significantly add to non-gaming amenities at the resort, including Minion Land at the Universal Studios Singapore theme park and the Singapore Oceanarium.
Lim added that in 2024, visitation to RWS could surpass pre-Covid levels. India was the property’s main feeder market prior to the pandemic, followed by China, Indonesia, Malaysia and the Philippines.
