Genting Singapore expresses interest in UAE and Thailand expansion
Executive Chairman Tan Sri Lim Kok Thay spoke on the matter during the company's Annual General Meeting.
Executive Chairman of Genting Singapore Tan Sri Lim Kok Thay has expressed that there is interest in the UAE and Thailand during Genting Singapore’s Annual General Meeting on Friday 17 May.
According to the statement, the topics were raised by shareholders during the general meeting, where they enquired about the company’s future growth and international expansion strategy, in which the Chairman responded accordingly.
As Lim first stated, he believes that the Singapore government will not interfere with the company’s investment decisions, though it was expected there would be some degree of scrutiny as the gaming industry is heavily regulated in Singapore. Lim also added that the government’s bid conditions were for an integrated resort (IR) and not just for a casino.
Regarding the UAE, Lim remarked that “an international tender for a casino-only development is unlikely.” He also said that the company “would be happy to work on an IR development in the Middle East, leveraging the Company’s experience in non-gaming offerings.”
As for Thailand, where he was asked about a possible casino bid, Lim commented that the bidding process “is a very long one,” citing their previous experience with the Japan casino licence bid which was discontinued. He reiterated that the Company’s focus is now on RWS 2.0, which promised better performance and better return for shareholders, “until there is more visibility on the terms and conditions for legalising gaming in other jurisdictions such as Thailand.”
Genting Singapore CEO Tan Hee Teck also added that “it was still too early for the Thai casino licence process.” He felt that it would be necessary for crucial details to be firmed up before the Company could decide if it should consider a bid.
While Thailand is currently seeking to legalise casino and gambling, it is still early in the process with a lot of details being tabled, discussed and updated, as was seen with the most recent update regarding casino spaces in entertainment complexes.
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