The upcoming entertainment complex project in Thailand is making waves in the global gaming industry. According to the latest disclosure by Inside Asian Gaming (IAG), an authoritative media in Asia, 15 international operators have expressed their intention to bid, but the final scenario may involve a battle among the top six contenders.
This multi-billion dollar market competition includes both eager attackers and cautious observers.
The three major casino giants in Macau are the most active. Galaxy Entertainment has already set up an office in Bangkok, considering Thailand as "the most attractive tourist destination in the world"; Lawrence Ho, chairman of Melco Resorts, calls it a "generational opportunity"; MGM International sees the local lower development costs and expects profit margins to surpass other markets.
From the American operators' side, Wynn Resorts has slowed down its Las Vegas expansion plans to reserve funds for the Thai market; Hard Rock International has shown strong interest in both Bangkok and Phuket.
It is noteworthy that Genting Group could become a variable. Although both Genting Singapore and Genting Malaysia have shown interest, industry observers predict that ultimately only one entity may participate in the bidding. The attitude of Las Vegas Sands is ambiguous—despite its executives praising Thailand as a "fantastic tourist destination," the group's sudden withdrawal from the Japan bid has made the industry cautious about its final participation.
There are also those who have exited the competition. Crown Resorts from Australia, Bally's Corporation from the US, and Peermont from South Africa have all explicitly withdrawn, citing reasons including focusing on domestic markets and lack of experience in Southeast Asia. A Bally's executive openly stated: "We are not yet ready to handle the complexity of this culture."
The legal framework being formulated by the Thai government will be a key variable. According to IAG analysis, although the number of participating companies is less than during the 2018 Japan bid, the quality and strength of the existing six core competitors are sufficient to ensure a high standard start for the gambling industry in Southeast Asia's second-largest economy. As the license battle heats up, these international giants bring not only capital but will also reshape the future landscape of Thailand's tourism industry.
