President and chief operating officer Tan Kong Han told shareholders at its annual general meeting yesterday that the group was interested in exploring possible integrated resort developments in emerging jurisdictions such as Thailand and the UAE.
He added Genting has previously demonstrated its ability to operate across multiple jurisdictions by obtaining licenses in the US and UK, according to a report by Sin Chew Daily.
The Genting group’s casino resorts in the US include the US$5 billion (RM23.6 billion) Resorts World Las Vegas, plus Resorts World New York City, Resorts World Catskills and Resorts World Hudson Valley in New York. It also has casinos in London, and over 30 provincial casinos across the UK.
Tan also said Genting is still looking at opportunities to list its operations in the US. “Listing in the US can unlock shareholder value and enhance the value of the group,” he was reported as saying.
“We will obviously pay attention to this matter, but we also need to observe the environment in the US and it will depend on the situation.”
Thailand is the latest nation to consider competing for a pie of the global casino industry, which IBIS World estimates generated US$263.3 billion (RM1.24 trillion) in revenue last year.
In March, its House of Representatives voted overwhelmingly in favour of a study by lawmakers to allow casinos to be housed within large entertainment complexes. The study found that Thailand can lift tourism revenue by about US$12 billion (RM56.6 billion) by legalising casinos.
The Thai Cabinet has since instructed its finance ministry to draft laws to regulate integrated entertainment complexes – Thailand’s term for integrated casino resorts.
The government’s framework includes up to five licences for such entertainment complexes. Five venues are reportedly seen as potential hosts for this – two in Bangkok and one each in the Eastern Economic Corridor, Chiang Mai and Phuket.
Galaxy Entertainment Group and MGM Resorts International have been studying the potential opening of casino resorts in Thailand as a hedge against uncertain prospects in Macau, which raked in US$22.75 billion (RM107.5 billion) in casino revenue last year.
The UAE set up a framework for legalised gaming in September last year. The emirates of Abu Dhabi and Ras Al Khaimah emerged as frontrunners in introducing casinos ahead of their neighbour Dubai, after the glitzier city-state put plans to allow gambling on hold, Bloomberg reported in November.