The Malaysian government has strongly denied a recent Bloomberg report claiming the country is considering approving a casino development near its southern border with Singapore.
On Wednesday, Bloomberg reported that Malaysian Prime Minister Anwar Ibrahim recently met with two of the nation’s most prominent businessmen — Genting Group chairman and casino magnate Lim Kok Thay, and Berjaya Corporation founder Vincent Tan, who built his fortune in the lottery business. The three were said to have discussed the possibility of developing a casino resort within Forest City, a $100 billion special economic zone near Johor Bahru.
But Prime Minister Anwar swiftly refuted the claim during a press conference in Putrajaya on Thursday. “Not true. That’s a lie,” he said, while making an “X” gesture with his arms in a clear rejection of the report.
What is Forest City?
Forest City is a 1.4-square-mile mixed-use development built on reclaimed land along Malaysia’s southern coast, just across the strait from Singapore. Launched in 2016 by a Chinese-led consortium, the mega-project has struggled to attract sustained interest and investment. Malaysia’s King Ibrahim Iskandar, a billionaire businessman, holds a significant stake of over 20% in the project.
Initially designed for wealthy Chinese buyers looking for property in lower-tax jurisdictions, Forest City was filled with luxury condominiums, office towers, retail spaces, and hotels. However, sales slumped due to a combination of factors — including Malaysia’s political turmoil from 2020 to 2022, the COVID-19 pandemic, and China’s crackdown on overseas investments aimed at tax avoidance.
These setbacks have left much of Forest City underused, with many dubbing it a “ghost town.”
Why a Casino Matters
A potential casino resort in Forest City could breathe new life into the struggling economic zone. With Macau’s VIP gambling market facing restrictions and regulatory crackdowns from Beijing, many high-rolling gamblers in Asia are seeking alternatives.
Genting Group, which operates Malaysia’s only legal casino at Genting Highlands, would be a natural candidate to spearhead such a development. The company also owns Resorts World Sentosa in Singapore and other integrated resorts across the globe, including in New York, Las Vegas, the Philippines, the UK, and the Bahamas.
However, gambling remains a sensitive subject in Malaysia. Islam, the dominant religion in the country, prohibits games of chance, and local Muslims are barred from entering casinos. Genting’s primary customer base at Genting Highlands consists of foreign tourists.
The Genting Group’s founder, Lim Goh Tong, was awarded Malaysia’s sole casino license in 1969, a concession that has remained unchanged ever since.
Despite the speculation, the government’s position remains firm — no casino development is being considered in Forest City at this time.
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