Thailand is reportedly preparing to legalize casinos by next year in a bid to draw foreign investments and boost tax revenues, a move that is likely to present promising opportunities for international operators who have long advocated for such legislation. Given Thailand’s reputation as a popular tourist destination, this initiative presents a potential windfall.
The Thai government is currently working towards the enactment of the ‘entertainment complex’ bill, which would enable the establishment of casinos within major venues. According to Prommin Lertsuridej, Secretary-General to Prime Minister Paetongtarn Shinawatra, the legislation is projected to be passed in the two chambers of parliament by 2025.
The proposal is anticipated to achieve Cabinet approval later this year, before undertaking consideration by the House of Representatives and upper house Senate in the forthcoming year. The process of passing a bill through the three required readings in each house typically takes months.
Prommin told Bloomberg during an interview in Bangkok that the law should be passed within the next six months, thereby launching operations next year, considering the earliest timeline.He further alluded that several administrative procedures would follow the bill’s parliamentary clearance before the casinos could be operational.
Citigroup Inc. has projected that upon the full operationalization of the casinos approximately six years from now, Thailand could evolve into a substantial player in the global gaming sector.
This week, Citigroup analysts reported that the country’s gross gaming revenue could achieve $9.1 billion when fully optimized, potentially ranking Thailand as the world’s third-largest market behind Macau and Las Vegas and ahead of neighboring Singapore.
Galaxy Entertainment Group Ltd. and MGM Resorts International are reportedly evaluating potential prospects in Thailand to counterbalance the uncertain prospects in Macau. Las Vegas Sands Corp. has also indicated an interest in expanding to Thailand.
