Genting Group, a Malaysian conglomerate known for its large-scale resorts and casinos, has expressed interest in developing integrated resorts (IRs) in the United Arab Emirates (UAE). This comes as the UAE considers legalizing gambling, a significant shift for the region.
Lim Kok Thay, Genting Group’s chairman, revealed the company’s openness to this possibility during the recent Genting Singapore annual general meeting. While responding to shareholder inquiries about expansion plans, Lim highlighted the UAE’s potential and Genting’s expertise in non-gaming offerings, which could be a crucial factor for the company.
The UAE’s move towards legalizing gambling marks a considerable change for the country, where Islamic law (Shariah) plays a major role in shaping legislation. However, the establishment of a federal body to regulate the gaming industry in 2023 signaled a potential shift in stance. This development has attracted the attention of international gaming giants like Genting.
Genting is confident that its experience in building and operating successful integrated resorts can be valuable to the UAE. The company’s flagship property, Resorts World Sentosa in Singapore, is a prime example. This mega-resort combines casino facilities with a wide array of attractions, including theme parks, hotels, shopping malls, and entertainment venues.
While Lim acknowledged the unlikelihood of an international tender solely for casino development, he emphasized Genting’s strength in non-gaming offerings. This could prove to be an advantage if the UAE’s envisioned legalized gambling industry prioritizes integrated resorts that cater to a broader range of interests beyond just casinos.
Genting’s interest in the UAE comes amidst growing competition in the global integrated resort market. Established players like Wynn Resorts are already making inroads, with their Wynn Al Marjan Island project underway in Ras Al Khaimah, one of the emirates within the UAE.
The UAE’s potential foray into legalized gambling presents a unique opportunity for the country to diversify its revenue streams and attract a new segment of tourists. Partnering with experienced developers like Genting could be instrumental in establishing a world-class gaming and entertainment destination.
Whether Genting will ultimately participate in the UAE’s developing gaming industry remains to be seen. However, the company’s expressed interest signifies growing international recognition of the UAE’s potential in this evolving market.
Also published on Medium.
