Thailand Pauses Review of Casino Bill
Thailand Prime Minister Paetongtarn Shinawatra has suspended review of the country’s controversial Entertainment Complex bill pending further public comment.
Thailand’s Entertainment Complex bill, which would introduce legal casinos at resorts across the country, will not return to the Cabinet for final review until critics have their say.
Proponents sought speedy passage of the bill, hoping the resort complexes would attract foreign investment and boost tax revenue. Studies indicate that at maturity, the casinos could generate gross gaming revenue (GGR) of up to 308 trillion baht (US$9.1 billion) per year, making Thailand the world’s third-largest market after Macau and Las Vegas.
But opposition, including a series of public protests, has persuaded lawmakers to weigh the legislation more carefully. Protestors gathered outside the Government House on March 11, reported the Bangkok Post. “People who love the country must rise up and unite to fight the legalization of casinos and online gambling,” said former “red shirt” political activist Jatuporn Prompan. “This will ruin our nation and weaken our people.”
In comments to the nation on March 11, Shinawatra said she will hear “the opinions of all stakeholders. There is no need to expedite (the bill’s) return to the Cabinet. Let all issues be thoroughly examined first … because Thailand has never had casinos before.”
Paetongtarn is steering clear of controversy ahead of a no-confidence vote later this month. The opposition People’s Party claims the prime minister, elected last year, is unduly influenced by her father, former Thailand PM Thaksin Shinawatra. Thaksin supports legal casinos as well as online gambling.
Sri Lanka Finance Committee Reiterates Call for Casino Regulator
Sri Lanka’s Committee on Public Finance is demanding that the republic form a regulatory body, and now, to collect past-due taxes and rein in illegal online gambling.
The Sri Lankan Committee on Public Finance (COPF) has again called for the establishment of a casino regulatory authority.
During a March 6 parliamentary session, COPF chair Harsha de Silva said a regulator is long overdue to monitor the industry, and especially crack down on illegal online gambling, which is rife in the Southeast Asian nation.
Sri Lanka first approved the formation of a regulator in 2023, and last month passed a resolution to establish it. But the job remains undone.
“Despite our efforts, the online casino industry remains untaxed,” said de Silva, according to Lankan Newspapers. “We must act swiftly to ensure proper financial oversight.”
Sri Lanka’s Ministry of Finance estimates that INR644 million (US$7.4 million) in casino taxes are now past due because of lax regulatory enforcement.
There are five casino resorts in Sri Lanka. The latest entrant, Melco’s $1.2 billion City of Dreams Sri Lanka, which opened last October.
JP Morgan: March GGR in Macau “Encouraging”
Macau’s gaming industry has generated MOP$5.75 billion (US$718 million) for the first nine days of March, in line with estimates from JP Morgan.
Gross gaming revenue (GGR) at Macau casinos has been tabulated at MOP$5.75 billion (US$718 million) through March 9, or roughly MOP$638 million a day.
According to Macau Business, analysts at JP Morgan Asia Pacific say that’s in keeping with expectations, and indicates stable but unspectacular results for the balance of the month.
The team including DS Kim, Selina Li and Mufan Shi expect GGR to grow by 5 percent in the second half of 2025, for an annual growth rate of 3 percent.
They add that current stock valuations are “cheap enough” to attract long-term investors, with Galaxy Entertainment Group and MGM China Holdings looking particularly attractive.
LET Group Appoints New Directors
LET Group Holdings Ltd., formerly Macau junket firm Suncity, has announced a new slate of directors, including two who resigned in protest last year.
Two of the four, Tou Kin Chuen and John Lo Wai Tung, are rejoining the group after a walkout in November, sparked by a proposed sale of LET’s stake in the Primorye casino Tigre de Cristal. Visitation to the integrated resort in Russia’s Black Sea region has been hard-hit by Putin’s ongoing war with Ukraine.
The former Suncity Group changed its name in 2022, following the conviction of former chairman and junket king Alvin Chau. A Macau court sentenced Chau to 18 years in prison for illegal gambling.
The new directors join Andrew Lo, appointed chairman that same year. Financial website Market Screener reports that shareholders must approve the appointments.
South Korean Casino Operator Plans New Hotel
Paradise Co., operator of four casinos in South Korea, will break ground on a new hotel in Seoul by the end of the month. The property will serve VIP gamblers.
Paradise Co., operator of four foreigner-only casinos in South Korea, has secured funding for a planned luxury hotel in Seoul.
The project will be funded through a KRW550 billion (US$379 million) loan from Woori Bank.
A Paradise official told the Korean Top Daily that the project will “maximize the synergy with existing businesses such as Paradise City and Paradise Hotel Busan … and establish an unrivaled position in the luxury hospitality market.”
Groundbreaking on the 18-story, 200-room hotel originally was expected in the fourth quarter of 2024. Now it is set to begin by the end of March. Opening has been scheduled for 2028.
