Thailand is actively promoting itself as a global gaming hub, planning to develop its casino industry through Integrated Resorts (IRs) to attract leading global gaming operators, generate billions of dollars in revenue, and inject new vitality into its growing tourism sector. Despite this, experts believe that the key to Thailand's success lies in whether it can establish appropriate regulations, a historical challenge for the country similar to the issues faced during the legalization of cannabis in 2022.
Fredric Gushin, CEO of Spectrum Gaming Group, who helped Singapore become the third largest casino market globally, trailing only Macau and Las Vegas, noted that investors heavily rely on transparent procedures and proper regulatory frameworks, which represents a significant opportunity for Thailand.
Some assessment agencies predict that Thailand has the potential to surpass Singapore in the gaming industry, mainly due to the strong attraction of global gaming giants such as Las Vegas Sands Corp., MGM Resorts International, and Galaxy Entertainment Group.
Last month, the Thai Cabinet approved the "Integrated Resort Draft," which includes the crucial topic of "legalization of gambling." The Thai government hopes that by legalizing gambling, it can inject new vitality into the economy, especially as the GDP growth rate in 2025 is expected to be lower than previously anticipated.
Citibank predicts that once the gaming industry is fully operational, Thailand's annual revenue could reach $9.1 billion, surpassing that of Singapore.
Thailand is considered to have great potential to become a global gaming destination, with casino construction proposals in Bangkok, Phuket, and three other regions supported by the regional tourism industry. According to 2024 data, Thailand welcomed 35.55 million foreign visitors, a 26.27% increase year-over-year, nearing the record of 39.90 million visitors set in 2019.
The Thai government, led by the Move Forward Party, hopes to attract at least 100 billion Thai baht in investments through this plan, expecting an increase of 5%-10% in foreign visitor numbers and generating over 12 billion Thai baht in revenue annually. However, public support in Thailand remains limited, with a survey in January showing that about 60% of respondents opposed the plan.
Political resistance is also growing, with concerns about gambling problems and family debt expressed by the People's Power Party within the government. Experts suggest that establishing strong social security measures to balance interests is crucial for attracting investors.
