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Genting Group eyes UAE for casino resort expansion
The Genting Group considers expanding into the United Arab Emirates if the country allows the opening of casino resorts.
Genting Singapore’s chairman, Lim Kok Thay, indicated at an annual meeting that the UAE could potentially be part of their plans to expand their resort sector, which may also include Thailand. Resorts World Sentosa, a well-known casino resort in Singapore, is managed by Genting Singapore, a division of Malaysian company Genting Bhd.
There was no final conclusion on what part of the Genting Group would seek for a casino permit in UAE as Lim Kok Thay pointed out. He was looking at a situation where the government would not go for direct bidding on casinos in the UAE but rather gambling houses among other attractions, if they decide to allow this kind of business.
It appears that allowing casinos is on the top of the agenda of Ras Al Khaimah and Abu Dhabi, while Dubai is the least likely to adopt typical Las Vegas-style gambling venues.
Genting may be interested in entering the UAE because the market there is expected to be bigger than in Singapore. Nonetheless, there is no information on how long or what steps need to be taken before qualifying for gambling permits at the UAE and the General Commercial Gaming Regulatory Authority that has just been formed is yet to show how this can be done. Some changes might happen by the end of this year as Wynn Resorts could be the first to get a casino license and this would give them an edge over other firms such as Genting.
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