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Genting Singapore subject of takeover speculation by MGM: Bloomberg reported


Speculation continues that casino operator Genting Singapore Ltd is drawing talk of a takeover bid from MGM Resorts International as the COVID restrictions lift in Asia, Bloomberg reported.

While nothing of note has come to fruition this speculation has also opened the door to other interested parties, according to unnamed sources from Bloomberg.

Strong rumors persist that MGM Resorts International have quietly made an approach to the Lim family to discuss the possibility of a deal, Bloomberg reported. 

With more than 550 gaming tables and 2,400 slot machines, Resorts World Sentosa looms as a desirable acquisition for a foreign investor.

More so with Singapore’s rules around foreign tourists relaxing and Macau in the midst of a COVID lockdown. 

A unit of Genting Berhad, the Malaysian conglomerate that owns and operates casinos in the Bahamas, Malaysia, the Philippines, Singapore, and the US. The Lim family control 53% of the operation.

COVID restrictions in Singapore have bitten into the casinos in the region, with Genting Singapore unable to avoid the pain. Shares of Genting Singapore have fallen by 3.2% in the first half of 2022. MGM declined to comment on the speculation and Genting Singapore also chose to not respond to the Bloomberg Report.

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