SINGAPORE: Genting is eyeing the United Arab Emirates (UAE) for a new integrated casino resort. Chairman Tan Sri Lim Kok Thay announced this during the company’s recent annual general meeting.
This potential move is part of Genting’s plan to diversify and explore new markets beyond its main project, Resorts World Sentosa (RWS), in Singapore.
During the meeting, Singapore Business Review reported that shareholders showed interest in the company’s plans to expand beyond Singapore, particularly as the RWS 2.0 project continues.
Mr Lim highlighted that exploring opportunities outside Singapore is a key part of Genting’s strategy. Expanding into the UAE fits well with Genting Singapore Limited’s goal of entering new and growing markets.
Genting Singapore Limited operates independently, with its board of directors making important investment decisions. This setup allows the company to respond quickly to opportunities and challenges in different regions.
Mr Lim noted that Genting is capable of handling strict regulations, which are common in areas where gambling is heavily regulated.
“For investment into UAE, Chairman noted that an international tender for a casino only development is unlikely” Mr Lim stated during the 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,” he added.
Mr Lim also encouraged shareholders to see Genting’s business beyond just gaming. He highlighted the company’s alignment with Singapore’s vision of becoming a top event-driven tourist destination, a focus that is central to the RWS 2.0 project.
He also noted that the company is ready to take advantage of expected increases in tourism, especially with the ongoing RWS 2.0 project.
According to a report by Bloomberg Intelligence analysts Angela HanLee and Lea El-Hage on May 14, as reported by The Business Times, the casino market in the UAE could potentially surpass that of Singapore in terms of revenue. /TISG
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