Bo Bernhard, the Vice President for Economic Development at the University of Nevada, Las Vegas, is optimistic about the prospects of the gambling industry in Thailand. He believes that the Bangkok market has great potential and could even surpass Singapore in terms of tourist attraction and gambling revenue.
Singapore currently ranks third in global gambling revenue, following Macau and Las Vegas, relying on massive earnings from two integrated resorts, Marina Bay Sands and Resorts World Sentosa. By 2024, Singapore's gambling revenue is expected to reach $5 billion, a growth attributed to the strong recovery of tourism and the continuous introduction of new attractions.
According to experts, if Thailand could establish legal integrated resorts in locations including Chiang Mai, Chonburi, Phuket, and Bangkok, its annual gambling revenue could reach as high as $9.1 billion. Investment bank CSLA is even more optimistic, forecasting annual revenues for Thailand to reach $15 billion.
Bangkok could become a regional hub for tourism and gambling
In an interview with the Bangkok Post, Bernhard pointed out that Bangkok, with its mature urban infrastructure, especially a world-class international airport, is likely to be the biggest beneficiary in Thailand's gambling landscape. According to data from the Thai Daily in December 2023, Bangkok led the world with 32.4 million visitors, far surpassing other Asian cities.
"Even with just two large resorts, Bangkok could surpass Singapore in the gambling market and become one of Asia's leading gambling destinations," Bernhard emphasized.
As a co-founder of the International Alliance for Responsible Gambling, Bernhard has recently met with several Thai legislators. Although he acknowledges public concerns about gambling addiction and security issues, he still calls for parliamentary support for the "Entertainment Complex Act." This bill aims to legalize casino resorts, bringing billions of dollars in investment opportunities to Thailand.
Supporters claim that once implemented, the bill will boost annual tourism growth by 10%, create 15,000 jobs, and attract over $2.9 billion in new capital investment; the government would also gain annual tax revenues of $354 million to $1.1 billion.
The regulatory system will be key to success
Although the bill was passed by the cabinet in March and is next due for a parliamentary vote, intense public protests have temporarily slowed the legislative process. In April, the Senate formed a committee to study the feasibility of the bill and is expected to submit a final report by the end of July.
Meanwhile, critics including opposition MP Rangsiman Rome have warned that legalizing casinos could bring problems similar to those experienced by neighboring countries, such as money laundering, human trafficking, and the infiltration of organized crime. He pointed out that the experiences of Myanmar, Laos, and Cambodia are concerning.
Bernhard agrees and emphasizes that a strict regulatory system is necessary to attract global compliant operators. He noted that major companies like MGM and Las Vegas Sands want to see a clear regulatory framework, including anti-money laundering provisions and "Know Your Customer" (KYC) systems, to ensure that gambling funds are compliant, transparent, and regulated by the state.
"Truly responsible operators will prioritize compliance issues," Bernhard told the Washington Post, "Without strict oversight mechanisms, they simply won't enter the market."
With the rise of the global middle class, Thailand should seize the opportunity
He added that Thailand is at a once-in-a-lifetime development window.
"For the first time in history, more than half of the global population belongs to the middle class or higher. In another decade, this proportion will reach two-thirds."
He warned that if Thailand stagnates in policy and infrastructure, it will be at a disadvantage in the tourism and gambling economy competition over the next few decades.
Proponents of legalizing casinos believe that establishing a regulated industry will combat rampant illegal gambling activities, helping to promote economic regularization and governance transparency.
However, as The Diplomat magazine points out, Thailand remains a conservative society. Despite rampant illegal gambling, many people still view gambling as a "social cancer." Moreover, there is widespread public concern that if the bill is rushed through legislation without a national referendum, it could violate constitutional procedures and cause social divisions.
