Thailand is edging closer to a major shift in its gambling landscape as the government advances a bill to legalize casinos within large-scale entertainment complexes. Prommin Lertsuridej, Secretary-General to Prime Minister Paetongtarn Shinawatra, has indicated that the legislation could pass through parliament by mid-2025. The Cabinet is expected to approve the bill before the end of 2024, after which it will proceed to the House of Representatives and the Senate for further deliberation.
If passed, the bill would authorize the development of integrated resorts (IRs) modeled after those in Singapore. These complexes will combine casinos with nongaming attractions such as hotels, concert venues, theme parks, and retail spaces, aiming to create comprehensive tourist destinations.
Prommin explained the potential timeline: “The law should be passed in six months at the earliest, so it should be next year to start.” The government is eyeing 2029 as the target year for the first resort opening, coinciding with Thailand’s ambition to outpace Japan’s inaugural IR launch in Osaka.
A Lucrative Market with Global Appeal
Analysts from Citigroup project that Thailand’s gaming market could generate annual gross revenue of $9.1 billion once fully established, positioning it as the world’s third-largest gaming market behind Macau and Las Vegas. This figure would place Thailand ahead of Singapore, where Marina Bay Sands and Resorts World Sentosa collectively earned $3.8 billion last year.
The Thai government plans to grant five casino licenses initially, with locations expected in Bangkok, Pattaya, Chiang Mai, and Phuket. License applicants must be Thai-registered companies with a minimum paid-up capital of $286 million. Each license would cost $148 million upfront, with annual renewal fees of $30 million. Licenses will last 30 years, with renewals available in 10-year increments.
The proposed 17% tax rate for casinos is expected to attract substantial interest from global gaming giants. Companies such as Galaxy Entertainment Group, MGM Resorts International, and Las Vegas Sands Corp. are reportedly exploring opportunities in the Thai market. Prommin noted that “many people have tried to talk with us,” highlighting significant investor interest.
Benefits and Regulations
Beyond boosting tourism and revenue, the government hopes the bill will curb illegal gambling, which is widespread despite strict prohibitions. A 2021 study revealed that nearly 60% of Thais gamble, with many crossing borders to Laos, Cambodia, or Myanmar to access legal casinos. The legislation aims to channel this activity into a regulated framework, reducing illegal operations while generating tax income.
To mitigate potential social issues, measures like an entry fee of $144 for Thai nationals will be implemented, while foreigners will enjoy free access. Each integrated resort is expected to create at least 10,000 jobs, offering a significant economic boost to a country still recovering from the pandemic.
Labour Minister Phiphat Ratchakitprakarn emphasized the broader impact: “Legalizing casinos in Thailand will help boost income for the country through spending and taxes. It will also help ease the problem of illegal gambling, especially online gambling, which has been growing rapidly.”
A Transformative Step Forward
Thailand’s move toward legalized gambling represents a transformative opportunity for the country’s economy and tourism sector. With the introduction of integrated resorts, the nation could emerge as a key player in the global gaming market, attracting high-spending visitors and reshaping its entertainment offerings. As the bill advances through parliament, Thailand is preparing to enter a new era of regulated gaming, with eyes set on a $9 billion industry by 2029.
Sources:
“Thailand’s Casino Bill Poised for Approval in 2025,” Asia Gaming Brief, November 18, 2024.
