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Thailand’s emerging casino resort industry holds the potential to generate $15 billion annually in gross gaming revenue (GGR) once fully established, according to Jeffrey Kiang, an analyst at CLSA Ltd. Speaking at the Thai Entertainment Complex Summit in Bangkok, Kiang highlighted Thailand’s potential to become a leading gaming destination in Asia.
Kiang suggested that Thailand could become the “third biggest land-based casino market,” based on 2023 data. CLSA previously estimated Thailand’s market could generate $8.5 billion annually, but updated forecasts indicate significantly higher figures.
A model featuring five integrated resorts (IRs) has been discussed in Thai media. Each resort would require a minimum investment of THB100 billion ($2.9 billion). Proposed casino licenses would last 30 years, with an optional 10-year renewal.
Kiang noted that 20-25% of visitors to Thai IRs could come from mainland China and Hong Kong, mirroring Singapore’s market dynamics. He stated, “We think the GGR per visitation in Singapore – at $386 – should be the most comparable with the expectations for Thailand.”
Ben Lee, managing partner at IGamiX Management and Consulting Ltd, believes international players alone could generate $10 billion in GGR for Thailand. Lee expects Chinese tourists to dominate the foreign player base, with Malaysia as the second-largest contributor due to its gambling culture.
Lee added, “I think Macau will be a potential loser simply because, at the moment, [Macau] gets about 93.5 percent of [its] visitors from Greater China.”
The two prosperous resorts in Singapore, which presently draw a constant stream of Malaysian visitors, may face direct competition from Thailand’s IRs. Lee underlined that Singapore has benefited much from Malaysia’s market, especially when it comes to mass-market competitors.
The growth of Thailand’s casino industry has the potential to change the gambling scene in Asia by drawing high-end tourists and escalating competition with well-known hotspots like Macau and Singapore.