Efforts to bring a legal casino industry to Thailand seem to be picking up steam. Last week, Deputy Finance Minister Julapun Amornvivat told reporters that a feasibility study compiled by 17 government agencies will be submitted to the cabinet for its review no later than July 20.
The study was commissioned after a majority of House members approved the concept in March. Initially due in May, it was delayed due to the complexity of the project, which reportedly will look at the economic, social and cultural impacts of proposed integrated resorts (IRs) with gambling in the largely Buddhist kingdom, and also suggest a legal and regulatory framework for the new industry.
Thailand is said to be planning to open its first legal IRs before 2030—a relatively short timeline, but one that would beat Japan to become the newest significant Asian gaming jurisdiction (MGM Osaka will open an IR on Yumeshima Island in 2030).
GGRAsia cited a March report from Maybank Investment Bank indicating that licenses in Thailand would “be awarded in phases” with the first resort complex opening “in 2029.”
Amornvivat told The Nation that all 17 government agencies say IRs could boost Thailand’s economy and attract foreign investment and tourism. Each resort development would require an investment of at least THB100 billion (US$2.75 billion), and five potential locations have been identified so far: two in the capital city of Bangkok, and others in the country’s Eastern Economic Corridor, Chiang Mai and Phuket. In the past, it has been suggested that a mature industry could include up to eight IRs across the country.
Among U.S. operators, Wynn Resorts, MGM and the Las Vegas Sands Corp. all have expressed interest in Thailand; others looking at the market include Macau-based Galaxy Entertainment Group and Genting Berhad.
Gaming expert Daniel Cheng told Asia Gaming Brief that global operators “certainly have development teams covering Thailand, and these teams are beginning to visit Bangkok regularly.”
The head of the Tourism Authority of Thailand (TAT) has reportedly met with Pansy Ho, chairwoman and executive director of MGM China, and “other senior casino executives have been paying visits to Thai officials and business leaders in recent months,” said Cheng.
