January 9, 2024 2 min read


Genting Singapore May Consider Thai IR Investment, Analyst

Seeking to stave off competition, the leading operator may consider a bid for an integrated resort in Thailand, suggests a Maybank analyst

Genting Singapore, the operator of Resorts World Sentosa, a leading casino and entertainment venue located in Singapore, may consider investment in an integrated resort (IR) in Thailand, a new report suggests. According to Samuel Yin Shao Yang, a leading analyst with investment bank Maybank, there is an opportunity for the operator to pursue options for a casino in Thailand in case the country considers permitting such venues.

The analyst explained Genting Singapore may seek to “stave off competition” from its Resorts World Sentosa property, explaining the company isn’t against growing its footprint in the region. Supporting his claim, Yang pointed to efforts of the company to expand into Yokohama, Japan dating back to 2021 and Jeju, South Korea from 2016.

While we acknowledge that Thai IRs are more likely to be a threat to Genting Singapore than to (Resorts World Genting operator) Genting Malaysia, we note from history that Genting Singapore is not averse to expanding overseas to partially stave off competition.

Samuel Yin Shao Yang, an analyst for Maybank

While expansion to Thailand sounds like a long shot, the analyst explained that Genting Singapore may consider a joint venture in an effort to pursue such potential opportunities. Still, he added that the bid for a potential IR license in Thailand would be contingent on the expansion of the gambling sector in the country.

We do not discount the possibility that Genting Singapore may form a joint venture to bid for a Thai IR license should Thailand liberalize its casino industry,

added Yang

The Company to Return to Pre-COVID Levels This Year

With the increase in tourism post-COVID, the analyst predicted Genting Singapore’s revenues are likely to reach and surpass pre-COVID levels. Yang estimated the company’s revenues to hit $2 billion for this year, fueled by the return of players from China.

Speaking about Genting Singapore’s past results, the analyst highlighted that in Q3 2023, the company already reached its pre-COVID levels even without the visitors from China. However, he predicted Genting will continue its growth trajectory, impacted positively by the increase in the volume of guests from the region.


Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

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