Genting Singapore to potentially bid for casino, IR license in Thailand

Maybank analyst Samuel Yin Shao Yang speculates that if the Thai government decides to liberalize the industry, Genting Singapore, the company that runs Resorts World Sentosa, would apply for a license to operate an integrated resort and casino in Thailand.

Yang suggested that, in keeping with its previous attempts in Korea and Japan, Genting Singapore formed a joint venture to apply for a Thai integrated resort (IR) license. Thai IRs could be a threat to Genting Singapore, but the company has a track record of expanding globally to remain competitive.

Genting Singapore has previously looked at prospects till November 2016 in Jeju, South Korea, and until September 2021 in Yokohama, Japan. Therefore, if Thailand decides to liberalize its casino industry, Yang does not rule out Genting Singapore establishing a joint venture to compete for a Thai IR license.

Yang predicts that the return of Chinese tourists will cause Singapore’s income to reach pre-COVID levels by 2024. With mass market gross gaming revenue (GGR) currently above pre-COVID levels in anticipation of the return of Chinese tourists, he projects that Chinese visitors will make up the bulk of the boost in gaming income.

Calming It is anticipated that Singapore’s revenue in 2024 will amount to SG$ 2.66 billion (US$2.0 billion), with an increase in adjusted EBITDA to SG$1.25 billion (US$941 million). A rebound in Chinese tourist visits and an anticipated increase in gaming revenue support Genting Singapore’s optimistic outlook for the next year.

Original story by: IAG