2024-11-15 22:36:44
According to a recent “Super Sector” analysis from Citigroup, Thailand is poised to emerge as a key participant in the global gaming industry. It is predicted to overtake casino Singapore as the third-largest market in terms of gross gaming revenue (GGR). According to the analysis, which was written by analysts George Choi and Preenapa Detchsri, once the industry is completely matured, Thailand's GGR could reach an astounding $9.1 billion. In terms of worldwide rankings, this would put Thailand below just Macau and Las Vegas. The estimates assume that the government will provide one casino license each to Pattaya, Phuket, and Chiang Mai, and two casino licenses to Bangkok. According to a report presented to the Thai parliament earlier this year, the establishment of integrated resorts (IRs) with casinos might result in a 52 percent increase in average tourist expenditure as casino in Singapore, reaching THB65,050 ($1,790) per trip. According to the report, allowing casino inside entertainment complexes in Thailand may increase tourism-related income by almost $12 billion while tackling the ongoing problem of illegal gambling. Furthermore, the additional revenue might contribute to a 1.16 percentage point increase in the GDP growth of the nation. This quick industry growth is thought to be largely due to the Thai government's aggressive efforts to legalize gambling similar as casino Singapore. Citigroup anticipates effective national management of the remaining legalization processes and the ensuing request-for-proposals (RFP) process. It is anticipated that this procedure will be completed by the middle of 2025, which is as quick as Singapore's two decades ago. The government's goal to submit an updated draft law on entertainment complexes to the Cabinet by the end of 2024 has been reaffirmed by Deputy Finance Minister Julapun Amornvivat. The administration will submit the proposed law for parliamentary consideration after Cabinet approval. Reconvening of the House of Representatives is planned for mid-December through April of the following year. Given the quickening pace of casino licensing, Maybank Investment Bank previously predicted that Thailand would see its first entertainment complexes by 2029 as betting in Singapore. Thailand may launch its first casino before MGM Osaka, which is expected to open in the fall of 2030. Collaborations between local businesses and international casino operators Both local businesses and international gambling behemoths are anticipated to collaborate in order to improve their prospects of obtaining licenses. According to the survey, international casino operators who secure investments in Bangkok, especially through 50:50 joint ventures with local partners, might see an increase in their EBITDAs of 15 to 30 percent. Furthermore, Thailand's tourist and construction industries are anticipated to gain a great deal from the construction of entertainment complexes. Because of their significant presence in the hotel industry, businesses including Airports of Thailand, Minor International, and Central Plaza Hotel are recognized as possible beneficiaries. Notably, the U-Tapao consortium has indicated interest in incorporating a gambling complex into the Eastern Economic Corridor's Airport City construction.