Singapore investor looks to Myanmar
Singapore’s Senior Minister of State for Trade and Industry Lee Yi Shyan has said there is no expansion in sight for the republic’s gaming industry.
According to the Asia Gaming Brief, the government issued a moratorium on new licenses with the introduction of Marina Bay Sands and Resorts World Sentosa, both of which opened in 2010., and were given a guarantee of a 10-year duopoly.
Those licenses are due to expire in two years, but apparently will be speedily renewed. The minister told parliament the government will work with both integrated resorts to bolster tourism. But some analysts contend new casinos or more capacity may be needed to keep the industry viable in Singapore, reported AGB.
Meanwhile, a Singapore-based firm may be looking outside the island in its plan to build a US$1.2 billion casino resort. The Zochwell Group is reportedly about to sign a contract to develop the resort complex in Myanmar’s Mergui Archipelago, reported the Myanmar Times. But a local official said he was unaware of the project.
Zochwell Chief Commercial Officer Gareth Chin told the Times his company would have a 50-year lease on the land and an option to extend the contract twice, for 10 years each. “We are going to sign the land lease and the build, operate, transfer terms with the chief minister of Tanintharyi region in the next month, as soon as the Attorney General’s Office approves the agreement. After that, we will seek Myanmar Investment Commission approval,” Chin said.
However, the assistant director of Myanmar’s Ministry of Hotels and Tourism in Mergui, U Hlwan Moe, said it’s news to him. “We oversee all of the islands in the Mergui Archipelago. They need to get approval from our department, but we haven’t had any information yet,” he said.
The archipelago includes more than 800 islands in the Andaman Sea, off the southern tip of Myanmar and shares a lengthy border with Thailand, where casinos are illegal.
