Nabil Luqman

0f9d2dd4f71434084e2b6094de1865e23abb37bb9f28ca51feeabee679ec9be2

Social

economy

Johor

Rumours

Anwar Ibrahim

Forest City

Bloomberg

Casino

ghost town

Ever pondered the fate of Malaysia's numerous projects, questioning their success or labelling them as failures?
While some ventures have thrived, one of the most notable project setbacks in Malaysia has been the Forest City mega development in Johor, earning the notorious label of a "ghost town" due to its sparse residency. So profound was its failure that it garnered international attention, including coverage by BBC, which showcased interviews with former residents detailing the challenges of living in what was intended to be an advanced urban centre.
As the years passed, Forest City gradually fell into abandonment, prompting speculation about potential solutions to breathe life back into the area beyond its proximity to the Forest City golf course. Some suggested that introducing a casino could draw visitors and potentially revive interest in residency within the vicinity.
<img src="https://r2.myc.my/7d537fe728e9ecde04b7dff68f94a9f3647ee57aeb67da4427dd1288c639cd08" />
Bloomberg's report on April 25th claimed that Berjaya Corporation's stocks surged by 8.8%, attributing the rise to speculation that the Malaysian government is considering opening a casino in Forest City to revitalize the area. According to their sources, Country Garden, the Chinese developer behind the metropolis, is purportedly interested in establishing the entertainment hub.
The report also suggested that Prime Minister Anwar Ibrahim met with Vincent Tan, the founder of Berjaya Corp, and Lim Kok Thay, the Chairman of Genting Group, to discuss the potential development of a casino in the "abandoned" RM450 billion city.
Bloomberg further posited that the introduction of a casino could inject new life into Forest City, which has struggled to attract property buyers both domestically and internationally since its inception. While the specifics of the purported discussions regarding the casino's construction remain vague, it was noted that if realized, Forest City would become only the second location in Malaysia to hold a casino license, after Resorts World Genting.
Anwar Ibrahim Denies The Report Of A Casino Opening In Forest City
<img src="https://r2.myc.my/2c605bdc9096d6f16b6075f091db4074a9946f71f02bb7e6a4a34eea9f6b69b3" />
In response to Bloomberg's report, Prime Minister Datuk Seri Anwar Ibrahim swiftly refuted the notion of the government considering a casino license to rejuvenate Forest City in Johor. Addressing the media, he tersely dismissed the claim, stating, "On the casino license, it's a lie, that's not right. Nope." This rebuttal came amidst widespread speculation prompted by Bloomberg's article.
Bloomberg highlighted the stringent regulation surrounding the gambling sector in Malaysia, noting that casino licenses require renewal every three months at the discretion of the finance minister, currently held by Anwar Ibrahim. Genting has monopolized Malaysia's casino license since 1969, operating the country's sole casino in Genting Highlands. Beyond Malaysia, Genting boasts casino establishments in Singapore, the US, and the UK.
Meanwhile, a spokesperson from Berjaya asserted that the company had no knowledge of the purported discussions mentioned in Bloomberg's report. At the time of writing, neither the National Palace nor Country Garden has issued statements regarding the report.
What Will Happen To Forest City Now?
<img src="https://r2.myc.my/8b2402d46014242056450bfedb3dffa63f4b3139d907744e5a996343b6cdf74f" />
Despite the presence of luxury condominiums on its reclaimed land, Forest City continues to be referred to as a "ghost town." However, there are discussions underway to establish a Special Economic Zone (SEZ) in the area in collaboration with Singapore. This initiative holds the promise of granting residents passport-free access between Singapore and the SEZ.
In January 2024, Malaysia and Singapore signed a memorandum of understanding regarding the SEZ talks. Yet, the likelihood of the talks yielding success remains uncertain at this point.
The credibility of Bloomberg's sources comes into question, leading to speculation about whether they are simply chasing sensational headlines for media attention. This concern is amplified by the news outlet's previous misstep in 2019, which resulted in a hefty fine of &euro;5 million (~RM25.6 million) for failing to verify a report, causing Vinci shares to plummet by 18%.
As we await further developments, particularly regarding the implications for our YDPA mentioned in the report, only time will tell if any action will be taken in response to this latest controversy.
What is your opinion on this? Let us know in the comments. 
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*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Is Bloomberg reporting lies just to gain more reads? 

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Anwar Ibrahim Refutes Bloomberg’s Claims Of A Casino Opening In Forest City

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Anwar Ibrahim Refutes Bloomberg’s Claims Of A Casino Opening In Forest City

Is Bloomberg reporting lies just to gain more reads?

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