Malaysia’s Swift Response to Casino Resort Near Singapore Proposal
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Recently, there was a report from Bloomberg hinting at Malaysia’s contemplation of permitting a casino resort near Singapore. However, Malaysian authorities promptly refuted this claim.
PGasia | Malaysian PM Denies Alleged Casino Talks with Billionaires
Reports by Bloomberg claimed Malaysia’s Prime Minister, Anwar Ibrahim, met with Lim Kok Thay of Genting Group and Vincent Tan of Berjaya Corporation to discuss a casino resort in Forest City. Anwar swiftly dismissed the allegations as false during a press event in Putrajaya, emphasizing the inaccuracies in the Bloomberg story.
Forest City, a major development project in Malaysia, is a $100 billion economic zone jointly controlled by the government and King Ibrahim Iskandar of Johor. Lim Kok Thay’s Genting Group holds Malaysia’s sole casino license, operating the Genting Highlands resort. Additionally, Genting owns Resorts World Sentosa in Singapore, further solidifying its presence in the region.
Navigating Economic Challenges at Forest City
Forest City, initially designed to attract affluent Chinese investors seeking tax havens, faces significant economic hurdles. Political turmoil in Malaysia from 2020 to 2022, coupled with the COVID-19 pandemic, dampened sales and interest. China’s crackdown on tax evasion through overseas investments further compounded the issue.
Additionally, China’s restrictions on VIP travel groups to Macau impacted Forest City’s target demographic. President Xi Jinping’s concerns over cash outflows from tax havens like Macau heightened scrutiny. These factors collectively contributed to Forest City’s struggle to attract buyers and sustain its vision of a bustling urban enclave.
Reviving Forest City with a Genting Casino
Introducing a Genting casino in Forest City could revitalize the economic zone, attracting wealthy gamblers from across Asia. As Macau faces shifts, discerning players seek new destinations for their gaming escapades.
In Malaysia, where Islam prohibits gambling for its followers, Genting Highlands caters primarily to international visitors. Lim Goh Tong, Lim Kok Thay’s father, obtained Malaysia’s sole casino concession in 1969, laying the foundation for Genting’s global gaming empire.
Today, Genting is a powerhouse with integrated resorts spanning New York, Las Vegas, the Philippines, the Bahamas, and the United Kingdom, cementing its status as a leading player in the international gaming industry.
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