Summary
- The Thai government is optimistic about the success of its planned casino resorts, locally referred to as entertainment complexes.
- The Deputy Finance Minister has already engaged with five to seven potential investors interested in these projects.
- Each project's investment could start at $6.3 billion and potentially increase to as much as $9.3 billion.
Thailand is advancing its plans to establish its first legal, land-based casinos, which the government anticipates will stimulate economic growth, attract more tourists, and create jobs. During the ongoing development process, the Deputy Finance Minister has confirmed that there is already interest from parties looking to develop these initial properties.
Government confident in the success of upcoming integrated resorts
Julapun Amornvivat, in a statement to The Bangkok Post, noted that five to seven international bidders have already been exploring the possibility of initiating their own projects. Bangkok, the capital city, has been identified as a prime location likely to be part of such developments. There are approximately five to seven leading global operators in this sector, all of whom see Thailand as an attractive investment opportunity. Specifically, Bangkok is regarded as highly suitable, with the capacity to host multiple entertainment complexes. This interest arises as regional and international resort developments accelerate, such as Japan’s upcoming MGM Osaka, which aims to rival casino resorts in Macau, South Korea, and Vietnam. Though Thailand has lagged in this arena, the government is eager to change that narrative. Notable potential developers include MGM Resorts and Wynn Resorts, whose representatives the minister has recently met with. Future investments in casino resorts in Thailand could range from $6.2 billion to $9.3 billion. The country hopes to leverage its tourism surge, with over 40 million visitors arriving annually.
Concerns linger, but everything seems to be moving forward
Despite ongoing efforts, significant challenges remain. Some academics have urged caution and even recommended halting the casino resort plans, arguing that the country is not adequately prepared to regulate a high-risk industry like gambling. Additionally, there are concerns that the introduction of a casino resort might allow businesspeople with government connections to further solidify their influence within the country's economy. These and other apprehensions have continued, yet they have not been enough to deter the government from moving forward with its plans to establish integrated resorts.
