Thailand may pass entertainment complex legislation by May 2025, potentially paving the way for legal casinos to open by the decade's end.
The bill is anticipated to pass through the cabinet by late 2024, then proceed to the House of Representatives and Senate.
If approved by parliament, it would legalize casinos within full-service integrated resorts, similar to those in Singapore. Each resort would feature at least four non-gaming attractions, including hotels, stadiums, concert halls, and theme parks, along with restaurants, clubs, and shopping areas.
“The law should be passed in six months from now at the earliest,” secretary general Prommin Lertsuridej told Bloomberg News in a 15 November interview. “So it should be next year to start.”
The race will be on once the legislation moves forward. Thai lawmakers have expressed a desire to launch the first of at least five integrated resorts (IRs) by 2029, aiming to precede Japan’s initial IR opening in Osaka by a year. The potential rewards are significant: Citigroup projects that a fully developed Thai gaming market could generate $9.1 billion (£7.2 billion/€8.6 billion) annually.
At that revenue level, Thailand would surpass Singapore, currently the third-largest market after Macau and Las Vegas. In the past year, Singapore’s two casinos—Marina Bay Sands and Resorts World Sentosa—produced a combined $3.8 billion.
Running the numbers
Under the proposed legislation, license applicants will need to be registered in Thailand and prove they have a minimum paid-up capital of $286 million. Each applicant must pay an initial license fee of $141.9 million, along with annual fees of $28.8 million.
The licenses will initially be valid for 30 years, with operators undergoing evaluations every five years. Renewal periods will last up to 10 years each. A proposed, but not yet finalized, tax rate of 17% is also part of the framework.
The government plans to issue five casino licenses initially: two in Bangkok, and one each in Pattaya, Chiang Mai, and Phuket.
According to Lertsuridej, the new market has already attracted “major investors with global experience,” and many have shown interest. This includes at least three major Macau-based operators: Galaxy Entertainment Group, MGM Resorts International, and Las Vegas Sands Corporation.
Checks and balances
In March, a parliamentary committee unanimously voted 253-0 to explore the idea of entertainment complexes featuring gaming. Former Prime Minister Srettha Thavisin advocated for integrated resorts (IRs) to boost international tourism, attract investment, and combat illegal gambling. This vision has gained the support of his successor, Paetongtarn Shinawatra.
Currently, gambling in Thailand is restricted to a state lottery and licensed horse racing, with all other forms illegal. However, this hasn't stopped Thai residents from betting.
According to Fortune, a 2021 study by the Thailand Gambling Study Center found that over 30.42 million Thais gamble—nearly 60% of the population. Many participate in illegal gambling, while others travel to neighboring countries like Laos, Cambodia, or Myanmar, where casinos are common near the border.
To discourage excessive local gambling, the proposed casino legislation includes a $144 entry fee for Thai citizens, while foreigners would be admitted for free.
“Legalising casinos in Thailand will help boost income for the country through spending and taxes,” labour minister Phiphat Ratchakitprakarn told Nation Thailand in March, when a parliamentary committee first opened discussions on the bill. “It will also help ease the problem of illegal gambling, especially online gambling, which has been growing rapidly these days.”
Ratchakitprakarn noted that each entertainment complex is expected to generate a minimum of 10,000 direct new jobs. With plans for five integrated resorts, this could mean 50,000 or more positions in a market still recovering from the pandemic, as highlighted by the Employers’ Confederation of Thai Trade and Industry.
