Genting would be ‘happy’ to develop IR in UAE: Lim

May 20, 2024 Newsdesk Latest News, Singapore, Top of the deck, World  

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The head of Genting Singapore Ltd says the company would have interest in collaborating in an integrated resort (IR) project with casino in the United Arab Emirates (UAE), if such opportunity presented itself.

Lim Kok Thay (pictured), Genting Singapore’s executive chairman, noted however that an international tender for a casino only development in the UAE was “unlikely”. He made the comments in responses to shareholders at the company’s latest annual general meeting.

“The company would be happy to work on an IR development in the Middle East, leveraging the company’s experience in non-gaming offerings,” stated Mr Lim, according to a transcript published last week by the firm.

Global gaming operator Wynn Resorts Ltd is building the Wynn Al Marjan Island, a casino resort project in Ras Al Khaimah, part of the UAE, in the Middle East.

Although legislation to allow gambling has yet to be passed by the local authorities, Wynn Resorts has previously outlined thst the scheme is to include gaming facilities.

Jim Murren, a former chairman and chief executive of MGM Resorts, had in September been appointed chairman of a UAE body called the General Commercial Gaming Regulatory Authority (GCGRA). It will be responsible for regulating commercial gaming, and a national lottery.

Genting Singapore continued to monitor any progress regarding casino resort projects outside its domestic market, including in Thailand, said Mr Lim in the firm’s latest annual general meeting. But it was still too soon to make any commitments, he added.

“Until there is more visibility on the terms and conditions for legalising gaming in other jurisdictions such as Thailand, the company will continue to monitor what is happening outside of the home market,” said Mr Lim.

Genting Singapore is controlled by Malaysian conglomerate Genting Bhd. The latter has other gaming interests via Genting Malaysia Bhd, which operates Malaysia’s only casino complex. Genting Malaysia also runs casinos in the United Kingdom, Egypt, the United States, and the Bahamas.

In late March, Thai lawmakers supported a study recommending casinos be permitted in large entertainment complexes proposed for that nation. Thailand’s Ministry of Finance is leading work to examine the feasibility of legalising casino resorts in the country.

Also at the annual general meeting, Genting Singapore’s chief executive, Tan Hee Teck, observed that it was “still early days for the Thai casino licence process”.

The CEO noted that Thailand was still compiling a report regarding the legalisation process, and the information currently available “was still very general and lacked specific detail on rules and regulations and the bidding process”.

“It would be necessary for crucial details to be firmed 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,” stated Mr Tan.

Genting Singapore’s management said the group’s focus was now on the expansion project of Resorts World Sentosa. The company has pledged to invest SGD6.80 billion (US$5.05 billion) to upgrade and expand the complex, a project known as RWS 2.0.

“The board and management are of the view that RWS 2.0 will result in a better performance and better return for shareholders,” said Mr Lim.

“As and when the company comes upon a new opportunity outside of its core business in Singapore, it will update on progress,” he added.

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