Will Thailand become the new epicenter of Asia's casino industry?

Ambition to sow seeds for 20 years

Nearly a year after Thailand's current government took power, it has made significant strides toward legalizing casinos, a seed sown more than 20 years ago when billionaire Thaksin Shinawatra was prime minister .

A bill could be submitted to Thailand's parliament this month, with Prime Minister Srettha Thavisin setting an ambitious target of lawmakers passing it by early 2025.

Large-scale integrated casino entertainment complexes are expected to open in Bangkok in 2029. Photo: Traveloka

Thailand's first legal casino could open in 2029, putting the country one step ahead of Japan in launching Asia's next major integrated resort. MGM Osaka is expected to open in 2030, after receiving approval from the Japanese government in 2023.

The lightning speed and efficiency of the process in Thailand stands in stark contrast to Japan's tortuous journey to enact casino legislation.

The swift move comes as Prime Minister Srettha is trying to boost Thailand's sluggish economy. The appeal of the casino industry is clear.

Large-scale “integrated entertainment complexes” – planned for the Eastern Economic Corridor, Phuket and potentially two in Bangkok – could attract more than $10 billion in foreign investment, generating jobs, revenue and a huge boost to tourism. Thailand could issue a total of five to eight licenses for such entertainment complexes, according to Chanel News Asia.

Thailand is expected to welcome more than 36 million visitors this year, close to its pre-pandemic peak of 40 million. The strong recovery in tourism has bolstered Thailand’s confidence in replicating and potentially surpassing Singapore’s success with integrated resorts.

From Marina Bay to Chao Phraya

The buzz surrounding the Chao Phraya River entertainment complex will inevitably draw comparisons to Singapore’s iconic Marina Bay Sands casino resort. However, Singapore’s success is not limited to its bayside resort.

The Marina Bay Sands hotel, shopping mall and casino complex in Singapore is the model that Thailand is aiming for in Bangkok. Photo: SCMP

It also envisions the creation of a vibrant Marina Bay district, combining work, living and entertainment, reminiscent of the British successful redevelopment of London's abandoned Canary Wharf into a leading financial centre.

In that way, Thailand’s vision for redeveloping Khlong Toei bears an uncanny resemblance to Singapore’s Marina Bay, which aims to repurpose underutilized prime land in the city for office buildings, hotels, retail space, convention centers, parks, museums, and yachting hubs.

The land is currently used by the Port of Bangkok, the Thai government wants to relocate the port out of the capital and port operations have been significantly redirected elsewhere.

The redevelopment has been planned for nearly two decades but has yet to materialize, despite support from both former Prime Minister Prayut Chan-o-cha and current Bangkok Governor Chadchart Sittipunt. In April, Prime Minister Srettha expressed his support for relocating the port to redevelop the area.

Local media later reported that Khlong Toei was a potential site for an entertainment complex, suggesting that this could be a key factor in making the design a reality.

Attracting top casino operators

However, according to expert Daniel Cheng - a former senior executive in the hotel and casino industry from Singapore, if Prime Minister Srettha wants to inaugurate an entertainment complex during his term, he will have to look beyond Bangkok.

Chiang Mai in the north or Rayong, about a 50-minute drive from Pattaya on the east coast, would be more practical for a pilot project. Redeveloping Khlong Toei could take more than a decade, similar to the extended timeline for Marina Bay to materialize.

Public opposition to legalizing casino gambling has so far been relatively muted. Using Singapore as a benchmark, Thailand is also considering introducing similar social protections, such as imposing entry fees for Thai citizens and limiting casino space to 5% of the resort.

The investor community remains skeptical about Thailand’s ability to establish and enforce a strong regulatory framework – a crucial factor in attracting top US casino resort operators, who are bound by legal requirements to only invest in jurisdictions with strict compliance and regulatory standards.

Nguyen Khanh (according to CNA)

Source: https://www.congluan.vn/thailand-se-tro-thanh-trung-tam-casino-moi-cua-chau-a-post302950.html