In a groundbreaking development, Singaporean casinos are now equipped with state-of-the-art vending machines that enable visitors to convert their casino winnings into gold instantly. These remarkable machines, introduced by the Singapore-based company Asia Gold ATM, have been named SMART Gold ATMs and are currently operational at two prestigious resorts in Singapore: Marina Bay Sands and Resorts World Sentosa. The SMART Gold ATMs are designed to dispense gold bars and coins, with weights ranging from 1 to 20 grams each.
Among the assortment of items available in these innovative machines are unique collectibles such as 1-gram ingots adorned with the image of the Merlion, Singapore’s iconic symbol. The prices for these offerings vary from approximately $60 to $1,500, and all of them are crafted exclusively from 24-karat gold. These machines are integrated with a cloud-based system that constantly updates them with real-time data on gold prices.
To facilitate purchases, customers are presented with a user-friendly interface on a spacious 3-D touch-screen, offering 360-degree views of the gold products along with detailed descriptions in multiple languages, including English, Chinese, German, Russian, and Arabic. The purchased product is dispensed from the machine’s lower section. For those who wish to buy gold items as gifts, there is an option to input the recipient’s email address and even record a personalized video message using the built-in camera. Subsequently, the recipients are notified via email regarding the location for collecting their precious gold items.
The exchange rate for Singaporean dollars is 0.73 to 1. While still relatively costly, the price of 2 grams of gold is $234. Quite expensive.
Asia Gold ATM’s decision to launch these remarkable machines domestically in Singapore is grounded in the city-state’s status as a favored destination for affluent travelers and its growing significance in the global gold trade industry. Marina Bay Sands and Resorts World Sentosa, in particular, draw high-net-worth individuals from across the globe.
Singapore, with a predominantly Chinese population, has a cultural tradition of exchanging gifts, often in the form of gold, during the Chinese New Year season. Additionally, Singapore’s commendably low crime rate in comparison to many other Asian countries makes it an ideal location for vending machines that dispense valuable goods.
Looking ahead, Asia Gold ATM has ambitious plans to introduce two to three more machines in Singapore in the near future, while simultaneously exploring opportunities for expansion into other promising Asian markets.
South Korea’s Surging Gold Bar Vending Machine Sales
In a related development, South Korea is experiencing a surge in gold bar sales through vending machines located in convenience stores. This unconventional investment option has gained immense popularity, especially among individuals in their twenties and thirties, who are increasingly turning to physical gold as a means of investment.
The convenience and accessibility offered by these vending machines, coupled with concerns about the appreciation of value and inflation, have been the driving factors behind the growing interest in this unique investment avenue.
GS Retail, the company operating these convenience stores, has reported approximately $19 million worth of gold bar sales over a nine-month period ending in May. These gold-dispensing vending machines, initially introduced in five stores in September, have now expanded to 29 locations, with plans to reach 50 stores by the end of the year. It’s worth noting that GS Retail manages an extensive network of more than 10,000 convenience stores throughout South Korea. Buyers are presented with a range of five weight options for gold bars, varying from 0.13 to 1.3 ounces, with the smallest gold bar, priced at $225, emerging as the most favored choice. The gold prices are updated daily based on the international gold market, providing buyers with real-time information to make informed investment decisions.