Is Timor Leste Finally Open To Land-Based Casinos?

A Singaporean company is planning a casino and bank in Timor Leste, despite previous government reservations.

A Singapore company is planning to establish a casino and a bank in Timor Leste, after it forged an "exclusive" agreement with the government.  In a filing, Asia-Pacific Strategic Investments said it signed two cooperation agreements. In one of the agreements, the company is required to build a high-security 5-star hotel marketed towards international customers.  Asia-Pacific Strategic Investments plans to issue S$180 million (approximately ₱7.5 billion) in convertible bonds to finance its new business ventures. 

The company's controlling shareholder, Oei Hong Leong, will subscribe to these bonds. However, these new ventures are contingent upon shareholder approval. The agreement was signed last February 8 while the disclosure was published 8 February.  For granting Asia-Pacific Strategic Investments an exclusive license to develop the hotel and casino, the Timor-Leste government will facilitate smooth operations by securing necessary permits and coordinating with relevant agencies.  

Within three months of the agreement's execution, both parties must finalize a business plan detailing the number of gaming tables, hotel rooms, amenities, and related tourism and transportation strategies. This is apparently a pivot from Timor-Leste's disinterest in establishing land-based casinos within its borders. 

President José Manuel Ramos-Horta recently emphasized the potential negative social consequences of such establishments, citing concerns about the impact on local communities. However, this doesn't mean the country is entirely closed off to the gaming industry. Ramos-Horta, however, has favored online gambling.

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