Genting Singapore may position itself as a strong candidate for a casino license in Thailand, should the country legalize integrated resorts (IRs). According to a recent note from Maybank analyst Samuel Yin Shao Yang, the operator of Resorts World Sentosa could enter a bid, possibly through a joint venture with an undisclosed partner.
“While Thai integrated resorts may pose a greater competitive threat to Genting Singapore than to Genting Malaysia [operator of Resorts World Genting], history shows Genting Singapore has shown willingness to expand abroad to offset regional competition,” wrote Yang.
He pointed to the company’s past interest in Japan and South Korea as evidence of its ambitions beyond Singapore. Although Genting exited its Japan operations in 2021 due to lack of political and public support in Yokohama, it remains open to growth opportunities in the Asia-Pacific.
Thailand’s Casino Market Gaining Traction
Thailand currently prohibits casino gambling, but there are increasing signs that lawmakers are warming to the idea. The government has formed various committees to study key aspects of the potential industry, including tax policies, site locations, investment strategies, operations, and community impact.
Despite lacking the established casino infrastructure found in Macau, Singapore, the Philippines, and South Korea, Thailand is being viewed as a promising new frontier in Asia-Pacific gaming. Since 2021, momentum has been building toward a possible policy shift, with analysts expecting tangible progress this year.
A Competitive Race for Thai Licenses
If Thailand proceeds with legalizing IRs and opts to issue multiple licenses, competition will be intense. Global giants like Las Vegas Sands, Galaxy Entertainment, and MGM Resorts International have all expressed interest in building resorts in Thailand and are already well-established across the region.
Genting Singapore, with its proven track record and regional experience, would be a serious contender—but it will face stiff competition from some of the biggest names in global gaming.
Conclusion
Genting Singapore has the potential and appetite to compete for a Thai casino license, especially through a joint venture. But the race to enter Thailand’s possible new gaming market is shaping up to be highly competitive.
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