Inside Asian Gaming

inside asian gaming MAY 2015 26 Though it can seem makeshift and disorganized, Poipet had estimated gross gaming revenue in the $400-$450 million range last year, with EBITDA around $150 million. The top property, Star Vegas Resort and Club, is being sold for $360 million to Australia- listed Donaco International, a transaction likely to augment a recent revival in Poipet. “The deal will improve the overall market as the new ownership will be driven to increase their performance, also resulting in spillover customers for the other properties,” observes Ray Poh, COO of Singapore-based slot manufacturer Weike Gaming. Poipet enjoyed a heyday in the early 2000s that receded as Macau, Phnom Penh’s NagaWorld and Singapore became attractive gaming alternatives for Bangkok residents. “Poipet is a two-star experience that requires three to four hours in a car,” Global Market Advisors Partner Andrew Klebanow says. “Macau is a five-star experience that’s a two-and-a-half hour plane ride away.” But Mr Poh believes Poipet has enduring appeal for Thais even after they’ve seen the bright lights of Cotai and Marina Bay. “Poipet serves as a convenient point for gaming,” he says. “Casinos in Poipet accept Thai baht, which also serves as a plus point over other casinos in the region.” CRACKDOWN BUILDUP Thailand’s military government, installed last May after years of political bickering, has cracked down on Bangkok’s underground Cover Story Thailand’s military government, installed last May after years of political bickering, has cracked down on Bangkok’s underground casinos, Poipet’s main competition for players that don’t want to fly. Thailand’s economic growth, though dampened by political strife, keeps producing additional gaming demand for Poipet.