Genting Singapore may become Thai casino approved player
Genting Singapore could become a contender for a Thai casino license if the Thai government approves an integrated resort.
In a recent note to clients, Maybank analyst Samuel Yin Shao Yang said the operator of Resorts World Sentosa could apply for a Thai casino license. It may form a joint venture with an unspecified partner to achieve this goal, he added.
While we acknowledge that integrated resorts in Thailand pose a greater threat to Genting Singapore than to [Resorts World Genting operator] Genting Malaysia, we have found from history that Genting Singapore is not averse to expanding overseas, in part to Fight the competition," Yang wrote.
The analyst cited Genting Singapore's previous forays into projects in Japan and South Korea as evidence that the operator is open to expansion in the Asia-Pacific region and will consider joint ventures as a means to achieve this goal. Genting closed its operations in Japan in late 2021 after it became increasingly clear that Yokohama policymakers and residents did not want to be part of a casino hotel.
"Therefore, if Thailand opens up the casino industry, we do not rule out the possibility that Genting Singapore can form a joint venture to apply for a Thai investor relations license," Yang added.
Thailand casino games may be taking shape
Casino gambling is not currently allowed in Thailand. But there are signs that policymakers there are changing their minds on the issue, and carrier appetite to enter the country appears high.
Although Thailand lacks the gaming infrastructure of other Asia-Pacific countries such as Macau, the Philippines, Singapore and South Korea, the country is showing signs of increasing openness to the integrated resort concept.
In 2021, lawmakers hinted that casino gaming might be getting closer to reality. To this end, several committees have been established to examine issues including taxation, location of the integrated resort, attracting investment, operations and impact on local communities.
With six franchises in Macau and the solid position of Singapore's duopoly Marina Bay Sands and Resorts World Sentosa, Thailand is widely considered to be one of the next big names in casino gambling in Asia Pacific. The country is expected to make some progress on the issue this year.
Genting Singapore could be tough competition for Thailand
One thing is certain. If Thailand moves forward with integrated resort approval and approves multiple venues simultaneously, competition for licenses will be fierce and could attract some of the biggest names in the industry.
Las Vegas Sands has expressed possible interest in building an integrated resort there, while Galaxy Entertainment and MGM Resorts International are believed to share the same view. All three are located in the area.
Conclusion: Genting Singapore is a strong contender for a Thai casino license. But it will face some solid competitors in this task.
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Source: www.casino.org
