Malaysian Casino Vacancy Rises

A recent development in Malaysia’s thriving gaming industry is Genting Casino Resort, a major financial investment by China-based gaming group Genting Entertainment Corporation. The Resort has plans to build two casinos in Malaysia, one at the Perhentian Island and another at the Maltese island of Malta. The first move by Genting Resort was to acquire a licence to operate a full casino in Malta in 2021. However, this application was rejected by Malta’s Ministry of Economic Development and Trade, which cited several concerns including the impact on the island’s marine environment, the lack of planning for local businesses and the impact on the already limited housing market. Genting subsequently decided to scale down its initial plans to build casinos in both Malta and Perhentian Island. Its latest plan is to build just one casino at each location.

The legal framework on gambling in Malaysia is less restrictive than in many other countries in Southeast Asia. Consequently, some experts have raised doubts about the ability of a gambling facility to operate legally in Malaysia. A recent case involving an Indian hotel group that acquired a gambling license and later faced legal action under the Prevention of Trading Within the House Act, for allowing gambling facilities on their hotel property, highlighted the problematic legal aspects of the law in Malaysia.

Over the last few years, there have been increasing concerns about the impact of gaming on Malaysia’s declining tourism industry. In the same vein as many countries in Asia, the Malaysian gaming industry has been hit hard by a sharp decline in tourist arrivals as a result of the weakening economy. Malaysia is a significant regional tourist destination and tourism industry, and it is not losing its appeal despite a perceived decline in casino gambling. This, coupled with continued growth in other sectors of the economy, has led to an increase in the demand for property in the country, particularly in the form of luxury hotels and resorts.

Despite this apparent growth in the sector, there are still a limited number of properties available. Real estate growth in Malaysia has generally been less rapid than in neighbouring Asian markets, and it is expected that rental prices will remain slow for the foreseeable future. Property consultants in Kuala Lumpur (for both commercial and residential use) predict that rental prices will remain on the lower end of the scale over the next few years, in line with similar slow trends observed in other markets such as Singapore. This article attempts to identify potential areas for future growth in the gambling industry in Malaysia. It details the key factors that drive the growth of the sector, the implications for existing property markets, and the actions needed to support future growth.

The lack of growth in the Kuala Lumpur real estate market has meant that there is a gap between demand and supply in the Kuala Lumpur property market. While there is an ongoing shortage of apartments for rent, there is also a high demand for housing from existing residents of the city. There are a growing number of people who are buying new properties (primarily in prime locations such as Putra) and renting out their existing properties (primarily in residential zones). A property boom can only be considered as a real possibility if there is an increase in population. This has not happened in recent times, but there is a potential for a rebound, particularly if the economy starts to pick up.

The current trend in Malaysia is towards business investments and commercial real estate developments. Private investors have poured billions of dollars into various projects across the country, particularly in Kuala Lumpur, where they are making major inroads into the gaming industry. The government has also provided subsidies and other financial incentives for private entrepreneurs, in order to encourage growth in the country’s economy. The result is that there are more new companies established in the gaming industry, as well as more properties for rent or sale. While these developments are creating a demand for labor in the construction industry, experts in the industry predict that this will take some time to trickle down to the front-end customers of the gambling industry.

The rapid growth of the Malay market in the last thirty years has been nothing short of spectacular, and the same will happen in the next decade. Real estate developers have already made big inroads into areas around the seaside cities of Putra and Kuching, and they plan to expand their influence into other places like Langkawi and Seminyak in the coming years. If these properties start to come up for rent, it will only be a matter of time before there are a frenzy of hotel development projects and a flurry of new casino openings. This will bring a huge influx of both local workers and tourists to these areas, and the sky will be the limit for how much bang for your buck these projects will yield.

Tourism is the lifeblood of any country’s economy, and the same can be said of Malaysia. A nation of nearly 20 million people, Malaysia is a popular holiday destination with the whole world. If there is one thing that can guarantee continued high growth for the foreseeable future, it is tourism. For this reason, the potential for a lucrative real estate investment in Malaysia in the near future should not be underestimated. With tourism still growing at breakneck speeds, any opportunity to secure prime real estate for development is a gold mine.

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