Gaming analyst Bo Bernhard believes that casino resorts in Bangkok could position Thailand as one of Asia’s biggest gaming destinations.
Bo Bernhard, vice president of economic development at the University of Nevada, Las Vegas, sees major potential in Thailand’s emerging gaming sector. He believes that Bangkok alone could surpass Singapore in both tourism appeal and gross gaming revenue.
Currently, Singapore ranks third globally in gross gaming revenue, behind only Macau and Las Vegas. In 2024, its two integrated resorts—Marina Bay Sands and Resorts World Sentosa—generated a combined $4.5 billion. With continued tourism recovery and fresh attractions at both properties, Singapore is projected to hit $5 billion in gaming revenue this year.
Experts suggest that a fully developed gaming industry in Thailand—with integrated resorts in Chiang Mai, Chonburi, Phuket, and Bangkok—could generate as much as $9.1 billion annually. Meanwhile, analysts at CLSA are even more bullish, forecasting potential revenues of up to $15 billion per year.
Bangkok tops in tourism
Bo Bernhard believes Bangkok has the strongest potential to lead Thailand’s future gaming industry, thanks to its robust infrastructure, including a world-class international airport. In an interview with the Bangkok Post, Bernhard noted that with a population of 11.5 million and 32.4 million visitors in 2023—making it the world’s most-visited city, according to The Thaiger—the capital is well positioned for gaming expansion.
“With just two integrated resorts, Bangkok alone could overtake Singapore and become one of Asia’s top gaming destinations,” Bernhard said.
As co-founder of the International Responsible Gaming Alliance, Bernhard recently met with Thai legislators to discuss the potential of the country’s gaming market. While concerns remain over gambling-related crime and addiction, he encouraged lawmakers to back the proposed Entertainment Complex Bill, which would legalize major resort-casino developments.
Supporters of the bill argue that it could boost tourism by as much as 10% annually, create around 15,000 jobs, attract over $2.9 billion in fresh investment, and generate between $354 million and $1.1 billion in annual tax revenue.
Airtight regulations a must
The Entertainment Complex Bill, which gained Cabinet approval in March, was on its way to parliamentary review until public backlash—including street protests outside Government House—prompted lawmakers to pause the process. In April, the Thai Senate formed a committee to examine the proposal more closely, with a final report expected by the end of July.
Opposition voices, including MP Rangsiman Rome, have expressed strong concerns. Rome warned that legalizing casinos could invite criminal activity into the predominantly Buddhist nation. He cited neighboring countries like Myanmar, Laos, and Cambodia as cautionary tales, where casino developments have allegedly led to increased money laundering and human trafficking.
Bo Bernhard, however, emphasized that strong legal safeguards are crucial if Thailand hopes to attract top-tier global operators like MGM Resorts and Las Vegas Sands.
“Leading operators prefer jurisdictions with robust legal frameworks,” Bernhard told the Bangkok Post. “They want strict gaming laws—such as anti-money laundering and know-your-customer regulations—to ensure every dollar is legitimately spent, properly accounted for, and taxed.”
“Strong enforcement is non-negotiable,” he added.
Once-in-a-generation opportunity
Bernhard urged Thai lawmakers to act swiftly, noting that global income levels are rising and presenting a unique opportunity.
“This is the first time in history that over half the world’s population is middle class or higher,” he said. “In ten years, that number will grow to two-thirds.”
Looking further ahead, he added, “Over the next 50 years, the middle class will only expand. If Thailand remains idle, it risks falling behind in the competitive race for global tourism revenue.”
Proponents of the Entertainment Complex Bill argue that legalizing casinos would strengthen the formal economy and help eliminate illegal gambling operations.
However, The Diplomat cautioned that Thailand remains a socially conservative society. Despite widespread underground gambling, many still view it as a moral vice. Critics worry that the bill is being pushed forward too quickly, without adequate oversight or public input.
There are also legal concerns: some argue that moving ahead without a public referendum could potentially breach constitutional requirements.
