Thai casinos could render Resorts World Sentosa expansion unviable: Maybank IB

The mooted legalization of casinos in Thailand could cast doubt on the viability of Resorts World Sentosa’s SG$4.5 billion (US$3.3 billion) expansion project due to a decline in Chinese mass market gamblers, according to Maybank Investment Bank.

Such concerns have come to the fore in recent months with an extraordinary committee of the Thai parliament currently compiling a report into the feasibility of legal casinos. That report is due to be submitted this month.

In a Tuesday note addressing the impact of Singapore’s border re-opening on Genting Singapore’s earnings forecasts – which are now projected to increase significantly in 2022 and 2023 – analyst Samuel Yin Shao Yang warned that Thai casinos could have a significant impact on RWS, with Chinese players contributing around a third of Singapore’s mass market GGR in 2019.

Source: https://www.asgam.com/index.php/2022/05/10/thai-casinos-could-render-resorts-world-sentosa-expansion-unviable-maybank-ib/