Singapore’s casino duopoly — Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) — may soon face serious competition just across the border, as rumors swirl about a potential integrated resort in southern Malaysia’s Forest City.
According to a Bloomberg report, Malaysian Prime Minister Anwar Ibrahim recently held talks with two of the country’s most influential businessmen: Genting Group Chairman and CEO Lim Kok Thay and lottery mogul Vincent Tan. The trio allegedly discussed plans for a new casino resort in Forest City, a luxury development in Johor, just across the Johor Strait from Singapore and accessible via the Second Link Bridge.
Genting’s Growing Footprint
Genting currently owns and operates RWS through its subsidiary, Genting Singapore, and holds Malaysia’s sole casino license for Resorts World Genting — a mountain resort in Pahang located nearly 200 miles northwest of Forest City.
Genting Group is a global conglomerate with a diverse portfolio in gaming, real estate, agriculture, and biotech. Its casino assets span Malaysia, Singapore, the Philippines, the UK, the US, and the Bahamas. Any new development in Forest City would likely fall under Genting Malaysia’s operations.
Should Genting receive a second casino license for Forest City, analysts believe the move could reinvigorate the struggling $100 billion planned smart city while limiting broader financial impact to the Genting Group. “If Genting Malaysia builds the Forest City casino, the negative impact on Genting Singapore would still exist. However, the net impact on the wider Genting Group would be softened depending on which entity takes the lead,” Nomura noted.
Official Denials, Public Skepticism
Prime Minister Anwar has since denied Bloomberg’s report, calling it “not true” and “a lie.” Proposals to expand casino gambling have long faced resistance in Malaysia, where Islam is the official religion and a majority of the population disapproves of gaming.
Marina Bay Sands: The Industry Benchmark
Marina Bay Sands remains the benchmark for integrated resorts worldwide — a self-contained destination with luxury accommodations, world-class gaming, and high-end amenities. It is also the most valuable property in Sands’ portfolio and is often regarded as the world’s most profitable casino.
In 2023, Marina Bay Sands and Resorts World Sentosa generated a combined S$5.25 billion (US$3.7 billion) in gross gaming revenue (GGR), as Singapore’s gaming sector continues to rebound from the COVID-19 pandemic. Still, that total is just 67% of the S$8.4 billion (US$5.9 billion) the two casinos earned in 2019 before the pandemic hit.
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