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Singapore’s integrated resort industry may face tough competition not only from Japan but also from a neighboring country. Thailand has been making bipartisan efforts to legalize casino gambling and develop entertainment complexes for them in up to five locations in the country. If these plans continue after the May national elections, Thai casinos may pose a challenge to Singapore’s gambling and tourism sectors, which have already been hit hard by the pandemic.
While Japan remains a potential threat, Thailand has several advantages over Singapore, such as its closer proximity, similar culture, and more diverse entertainment offerings. Moreover, the expiration of the exclusivity period for Genting and Las Vegas Sands, the owners of RWS and MBS respectively, in 2030 adds to the uncertainty of Singapore’s gaming industry. Some experts suggest that the industry may need to reinvent itself to retain its leading position and appeal to changing consumer preferences.
One possible scenario is a change in ownership and leadership. Genting owner Lim Kok Thay is nearing 80 years old in 2030 and may pass the baton to his third-generation successor, Lim Keong Hui, who is said to have a different vision for the family’s legacy. The younger Lim may focus on creating new business models and ventures that cater to the younger generation and the digital age. Similarly, MBS may also undergo a change of ownership if the parent Las Vegas Sands finds a favorable offer, as it did with its recent sale of Vegas casinos.
The bottom line is that the integrated resorts in Singapore need to stay vigilant and adaptable to the evolving market and competitive landscape. They must leverage their strengths, such as their world-class facilities, services, and reputation, to differentiate themselves from other destinations and to cater to diverse customer segments. They also need to invest in innovation, sustainability, and talent development to stay relevant and future-proof. Let the chips fall where they may, but make sure they fall in Singapore’s favor.
