Thailand is quietly rising as the new star of the Asian gambling industry. According to the latest report by Maybank Kim Eng (Thailand), the EBITDA profit margin of Thai casino resorts is expected to reach 34%-49%, potentially surpassing Macau and Singapore to become the top in Asia.
This significant report points out that Thailand's core competitiveness lies in its highly attractive 17% gambling tax rate—far lower than the 25%-40% rates in Macau and Singapore. "The tax rate is a key factor in determining the EBITDA profit margin," analysts emphasize, "Although license fees, labor costs, and other factors will affect profitability, Thailand's advantage in tax rates is hard to shake."
It is estimated that once the Thai entertainment complexes are fully operational, annual revenue could exceed 278 billion Thai Baht (about 7.5 billion USD). Of this, approximately 195 billion Thai Baht will come from gambling operations, with the remaining 30% from non-gambling revenues such as hotels and dining. Such impressive figures could help Thailand ascend to the fourth largest gambling market in Asia.
However, the road to casino legalization is not smooth. The highly anticipated "Entertainment Complex Act" is facing resistance from various political and social sectors. Analysts note: "The project requires cooperation between the Thai Party and the Thai Pride Party, but current political divisions may cause delays in progress." Most observers believe that the likelihood of passing the act before the 2027 elections is low.
Another challenge lies in the customer base structure. The report candidly states that Thailand lacks a private wealth management center like Singapore, making it difficult to attract high-end VIP clients. However, this also forces Thailand to focus more on the mass market—ironically, this could lead to higher EBITDA profit margins.
"Looking at the total gambling revenue, Thailand has the potential to become the second largest market in Asia, just behind Macau," the analyst concludes. As the legalization process of casinos is expected to advance in the first quarter of 2026, the industry is eagerly watching whether Thailand can realize this grand blueprint.
