Going forward, we are actively looking at the US because the last financial crisis has brought some pain, but at the same time we see great opportunities there," said Genting Group Chairman Lim Kok Thay, to reporters, "in terms of buying into existing resorts that (are) down on their luck."
Many casinos in the US are struggling financially since the economic recession hit the country hard. Of those struggling, some are already in bankruptcy, while others are on the verge of an economic collapse.
Atlantic City and Las Vegas are the two biggest gambling destinations in the US, and both have seen their casino industries ravaged by the economy. Las Vegas has slowly started to rebound, but AC is still watching revenue numbers fall.
Increased competition in the Northeast could open the door for Genting to buy existing properties in AC and wait for the economy to turn around. Genting would have to be approved by regulators in the state in which they would want to expand into.
As for the Singapore casino opening, everything went according to plan. The resort opened its casino doors on the Lunar New Year, the most celebrated day in the Chinese culture. Thousands of people attended the opening.
Singapore has authorized two casino resorts in an effort to compete with Macau for the gambling revenue generated in Asia. The other resort will be opened by Las Vegas Sands. Originally, the Sands resort was expected to open first, but the credit crisis slowed construction of Sands' casino.
