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Thailand casino market outlook is gaining global attention as analysts project it could generate up to $9.1 billion in annual gaming revenue. With favorable tax policies and international operator interest, Thailand may soon surpass Singapore as a top Asian casino hub.
According to analysts from Citi, once the country’s casino industry reaches full maturity, it could generate annual gross gaming revenue (GGR) of up to $9.1 billion, surpassing Singapore’s $5.1 billion in 2023 and making Thailand the third-largest gaming jurisdiction globally, behind only Macau and Las Vegas.
Citi’s forecast assumes the Thai government will approve at least five integrated resort (IR) licenses — two in Bangkok and one each in Phuket, Pattaya, and Chiang Mai. These gaming venues are expected to be part of larger entertainment complexes, aimed at boosting tourism, creating jobs, and attracting foreign investment.
With Thailand’s status as a leading tourism destination in Southeast Asia, combined with proposed favorable tax policies (17%) and lower operational costs compared to Singapore, the country presents an attractive opportunity for global operators. EBITDA margins in Thailand could reach 40%–50%, translating to $4.1 billion in annual industry EBITDA.
Executives like Las Vegas Sands COO Patrick Dumont have expressed enthusiasm about the Thai market’s potential. Dumont emphasized that Thailand has the right ingredients — culture, location, and hospitality — but needs regulatory clarity and a long-term vision to truly capitalize on its position.
“Trying to build an integrated resort without a casino is like building a hotel without Wi-Fi,” Dumont told The Nation, underlining that the casino component is vital to the ecosystem of MICE (Meetings, Incentives, Conventions, Exhibitions) tourism and broader resort success.
Top global casino operators such as Sands, MGM Resorts, and Wynn Resorts have signaled interest in the Thai market, though they remain cautious due to political instability and unclear regulatory structures.
Thailand’s Entertainment Complex Bill, which would legalize and regulate casino resorts, was set to be reintroduced in late 2024. However, a combination of political turmoil, including the suspension of PM Paetongtarn Shinawatra, and strong public opposition, has led to the postponement of the bill.
Despite the delay, government officials maintain that the plan is not abandoned. The Pheu Thai party, which backs the bill, believes the extra time will allow for more public engagement and education on the long-term economic benefits of casino resorts.
While the political climate remains uncertain, the fundamentals of Thailand’s casino proposal remain solid. If executed with proper regulation and transparency, Thailand has the potential to redefine Asia’s casino landscape, becoming a major competitor to Macau, Singapore, and the Philippines in the integrated resort space.
With global operators watching closely and domestic policymakers weighing long-term impacts, Thailand stands at a pivotal moment. The path forward will depend on balancing opportunity with oversight — but if successful, the Kingdom could emerge not just as a gaming hub, but as a model for integrated resort development in Southeast Asia.
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