Thailand's casino rivalry seems to be forming, as a senior official has indicated that probably no more than seven international gaming firms can create luxury entertainment venues in the nation.
In a recent conversation with The Bangkok Post, Deputy Finance Minister Julapun Amornvivat mentioned that the number of operators capable of effectively handling Thai casino proposals is probably limited to five to seven contenders. He didn't specify individuals, but it is recognized that officials from MGM Resorts International and Wynn Resorts were lately in the nation.
"There are only about five to seven top-tier global operators in this sector, and they all view Thailand as a promising investment destination,” Julapun said in the interview.
The finance minister noted that investments for each entertainment complex featuring an integrated resort may be between $6.2 billion and $9.3 billion, doubling or tripling earlier projections of $3.1 billion. That price range would position Thai casino hotels as some of the highest in industry history, potentially surpassing several of the costliest gaming establishments in the Asia-Pacific area.
Bangkok May Have Two Casinos in the Future
In March, Thailand designated Bangkok, Chon Buri, Chiang Mai, and Phuket as the first locations for regulated gaming establishments. Previous reports suggested that two of these establishments would be located in Bangkok, indicating that Thailand's first venture into casinos would include five locations. Julapun suggested that the capital city might actually host two gaming establishments.
“Bangkok, in particular, is seen as highly suitable, with the potential to support more than one entertainment complex,” the official told The Post.
Bangkok, a leading contributor to tourism in the Southeast Asian country, hosts two casinos that may appeal to gaming firms, especially following the failure of Japan’s casino initiative largely because its two biggest cities hesitated after managing gaming establishments.
Julapun noted that Thailand is expected to grant three to five gaming licenses initially, suggesting that some applicants may be excluded. The deputy finance minister mentioned that when parliament reconvenes in July, gaming legislation will be a primary focus. Those in the upper echelons of government are aiming to quickly approve the gaming bill and initiate the bidding process as soon as possible, allowing entertainment complexes to launch before 2030.
Evaluating the Domain of Thai Casino Competitors
Julapun's suggestion that there will probably be no more than seven viable bidders for Thai casino licenses simplifies the deduction of which companies are involved in the sector.
As mentioned earlier, MGM and Wynn have expressed interest. Asian gaming giants Genting and Melco Resorts & Entertainment have also done so. Las Vegas Sands has indicated it may consider a possible offer. All five of those operators operate in the Asia-Pacific region.
Galaxy Entertainment, a leading operator in Macau, has expressed interest in exploring opportunities in Bangkok. At this time, it doesn’t seem that other US companies are looking into Thailand, and with a price range of $6.2 billion to $9.3 billion, the number that can afford the venture is limited.