A new report by Bloomberg citing anonymous sources has suggested that a number of prominent operators, among which MGM Resorts International and Galaxy Entertainment, have formed a group that has been advising the government on how to approach the development of a gambling framework that will usher in a new era of casino resorts in the country and boost tourism.
Having the World’s Best Companies Weigh in on Regulation
This happened during the most recent legislative session in the country with the group supposedly sitting down with a Thai parliamentary committee to discuss the matter and offer guidance as well as expertise.
Bloomberg’s report coincides with other interesting developments, including Las Vegas Sands’ own confirmation of interest in the Thai market. The company is not alone as Melco Resorts & Entertainment, Genting, and Wynn Resorts have all professed their interest, perhaps giving lawmakers a very good reason to look at the matter more closely.
According to the media, there is a very good chance Thai policymakers can move much quicker than their Japanese homologues and actually have a working gaming law established and ready to go within a year.
This ambitious time window could potentially allow for the arrival of the first casino resorts in the country by 2030, putting it on track with Japan’s first property as well. MGM Resorts though may not be likely to push in Thailand too hastily, as the company is already preparing to set up shop in Osaka, Japan, where it won the government’s bid to operate one of the country’s three integrated resorts, and the first one at that.
However, should Thailand forge ahead with its plans, it’s likely to become a new stomping ground for global casino brands. The arrival of a newly popular tourist destination in Asia would come at a time when concessionaires in Macau are facing tougher restrictions on their gaming operations and potentially are going to see their revenue from the vertical shrink.
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Thailand could offset this, although it won’t come on the cheap, as companies would have to start from scratch investing heavily to build properties that meet the standards set by the forthcoming project in Japan which is estimated to cost anything between $10 billion and $12 billion, but also the established regional behemoths in Jeju Island in South Korea and Macau.
Thailand may also seek to not limit its operations to one or two venues only. It’s far more likely that the country would seek to rapidly expand, introducing more locations where companies may build. Thailand’s own bid to become a host to the world’s leading gambling brands comes at a time when the country is not the only hot destination on the map.
The United Arab Emirates is also beckoning gambling brands from the world over, as the country is expected to authorize casino gambling on the premises of forthcoming casino projects. Once again, Wynn Resorts and Galaxy are among the companies that are serious about the Middle East market.
Wynn Resorts has been confirmed to build the country’s first integrated casino resort which is expected to arrive in 2027, whereas Galaxy and other international companies may be bidding their time for the broader expansion of the market.