AEG expands with two new venues in Bangkok
AEG, the US developer of entertainment complexes, in partnership with Thailand-based retail developer The Mall Group Co. who own The Emporium and Siam Paragon malls, will develop two new venues in Bangkok, the Financial Times reported.
The more than Thb10bn ($308m) investment plan is to jointly develop a smaller 6,000-seat theatre near TMG’s EmQuartier mall, with another bigger 16,000-seat arena at the Bangkok International Convention Centre, which will be the city’s largest arena.
Work on the venues are expected to begin later this year with the completion for the smaller venue estimated by 2022 and the bigger venue to be completed by early 2023.
The expansion comes as the Thai capital is ranked as the world’s most-visited city with the disposable income in the region rising and the consumer demand for varied entertainment services growing. These projects will be the start of the “entertainment district” model of the Europe and US in Asia, where the arenas include retail and dining outlets alongside entertainment.
Ted Fikre, Vice-Chairman AEG, thinks that Thailand is a great entertainment market which is still underserved and has large potential in the entertainment segment.
As part of its Asia expansion, AEG is also considering to enter into cities like Singapore, Hong Kong and Tokyo in the region. The company foresees a huge possibility in the Asian market as the existing venues here have been built decades ago in the city outskirts. By providing accessible venues and good infrastructure, they are hoping to build a fan base.
Based in Los Angeles, AEG operates arenas and stadiums which include Mercedes-Benz arenas in Berlin, Shanghai and Kansas City’s Sprint Center and also organises concerts and special events. It has brought concerts by artists like Ed Sheeran, Celine Dion, Katy Perry and Justin Bieber to Bangkok.
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