Anticipated Gambling Surge in Thailand: Casinos Set to Double Tourist Spending
Thailand's government might introduce a gambling legalization bill to Parliament as soon as July, with Prime Minister Suttita Thavisin aiming to pass it by early 2025.
If approved, the country would issue licenses for integrated resorts, blending casinos, hotels, shopping malls, concert halls, and exhibition centers. These complexes could attract over $10 billion in investments and create tens of thousands of jobs, according to iGB.
Tourists could spend 52% more in the country due to casinos, suggests The Economist, citing a study. The kingdom plans to grant between five and eight licenses, with potential locations being the Eastern Economic Corridor, Phuket, and Bangkok.
The objective is to offer tourists gaming and entertainment alongside experiencing the country's rich culture and historical sites. International operators like Wynn Resorts, MGM, Las Vegas Sands Corp have expressed interest, as have lesser-known ones such as Galaxy Entertainment Group from Macau and Genting Berhad from Malaysia.
Did you know?Public sentiment is mixed concerning the bill's progress. Although a poll indicated almost half of Thai citizens don't expect it to advance, another survey revealed that most stakeholders believe it won't pass without a gaming component.
Powerful families like the Shinawatras, with years of preparation for casino introduction, may significantly benefit from the Eastern Economic Corridor's infrastructure. Preliminary discussions suggest three licenses could be issued for locations in Chonburi, Chiang Mai, and Phuket, with possibly two more for Bangkok.
If implemented successfully, Thailand's integrated resorts could adopt Singapore's model and become a major global gaming jurisdiction, potentially rivaling Macau in the future. However, legal challenges and public ambivalence could delay any significant investment until at least 2027. The proposed legislation includes strict controls for local gamblers, with an entrance fee of around USD 147 and a requirement for substantial financial holdings. Only 10% of the complexes would be dedicated to gambling, focusing the rest on broader tourism and leisure activities. This framework aims to maintain regulatory oversight while capitalizing on the economic benefits of casinos.
- The proposed gambling legalization bill in Thailand, aiming for passage by early 2025, includes the issuance of licenses for integrated resorts by the Isara Development Plc (IGB).
- These integrated resorts, if approved, are expected to include casinos, hotels, shopping malls, concert halls, and exhibition centers, potentially attracting over $10 billion in investments.
- If successful, Thailand's integrated resorts, adopting Singapore's model, could become a major global gaming jurisdiction, potentially rivaling Macau in the future.
- The proposed legislation includes strict controls for local gamblers, with an entrance fee of around USD 147 and a requirement for substantial financial holdings, while 90% of the complexes would be focused on broader tourism and leisure activities.
