Genting's reach extends to the United Arab Emirates?
Genting Singapore confirms interest in developing a gambling resort in the United Arab Emirates.
$Genting Sing (G13.SG)$Genting Sing's Executive Chairman, Tan Sri Lim Kok Thay, said that Genting Singapore is indeed interested in developing integrated resorts in the United Arab Emirates (UAE).
According to the financial magazine 'The Edge', Lim Kok Thay made this statement in response to shareholders' questions about the company's international expansion plans during last week's shareholders' meeting.
Regarding the upcoming expansion of Resorts World Sentosa (RWS) 2.0, he also stated that it should not be seen as a casino expansion. A large part of the investment is dedicated to expanding non-gaming offerings, aligning with Singapore's strategy to become an activity-driven tourist destination.
Lim Kok Thay explained that operating Resorts World Sentosa in Singapore falls under the bid requirements for integrated resorts, not just casinos.
He expects more countries to follow Singapore's example and support the development of integrated resorts.
The landscape of the global gambling industry has changed.
He said, 'In this regard, as a Singapore company with extensive experience in integrated resorts, we are in a favorable position to bid for related projects.'
Regarding investments in the UAE, he believes that it is unlikely to have international bidding specifically for casino development projects.
"Genting Sing is happy to leverage its experience in non-gambling products to develop integrated resorts in the Middle East."
In addition, he revealed that the attitude towards the Thai market will be more cautious, waiting for the regulatory framework to clarify the details, and cited previous experiences in Japan.
Previously, Genting Sing has always been the leader in obtaining a license for an integrated resort in Yokohama, but after the change of the mayor of Yokohama in 2021, the local bidding plan for the integrated resort was revoked.
He believes that Thailand's gambling legislation has only recently been passed, and the specific details of rules, regulations, and bidding processes are very vague and lacking. Therefore, it is necessary to determine key details.
For example, the location and whether local residents are allowed to gamble, these need to be determined before the company can decide whether to consider bidding.
Source of information: Nanyang Business Daily
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