Gaming analyst Bo Bernhard says casino resorts in Bangkok, Thailand, could make the kingdom one of Asia’s “largest gaming destinations”.
Bo Bernhard, vice president of economic development at the University of Nevada Las Vegas, has big expectations for Thailand’s potential gaming industry. Bernhard says a single market in the country — the capital city of Bangkok — could displace Singapore for tourism and gross gaming revenue.
With two integrated resorts, Singapore currently ranks third in gross gaming revenue after Macau and Las Vegas. In 2024 there, Marina Bay Sands and Resorts World Sentosa collectively brought in $4.5 billion. The republic is on track to reach $5 billion this year, driven by the rebound in tourism and new attractions at both IRs.
Pundits say a mature Thai gaming industry — with IRs in Chiang Mai, Chonburi, Phuket and Bangkok — could generate up to $9.1 billion per year. Analysts at CSLA are even more optimistic, projecting $15 billion.
Bangkok tops in tourism
Bangkok could be the big winner due to “a critical mass of infrastructure [including] a world-class airport”, Bernhard told the Bangkok Post. With a population of 11.5 million, it drew 32.4 million travellers last year, making it the world’s most-visited city, reported The Thaiger in December.
Given these factors, “Bangkok alone with two resorts can surpass Singapore and become one of the largest gaming destinations in Asia,” Bernhard told the Bangkok Post.
Bernhard, the co-founder of the International Responsible Gaming Alliance, recently met with Thai lawmakers. Despite widespread concerns raised in the country about gambling addiction and crime, he urged them to support the controversial Entertainment Complex Bill, which would legalise billion-dollar resorts with casinos.
Proponents say the new industry would boost tourism by up to 10% a year; create up to 15,000 new jobs; bring in more than $2.9 billion in new investment; and earn from $354 million to $1.1 billion in annual tax revenues.
Airtight regulations a must
The bill blessed by the Cabinet in March was headed to Parliament for review when public protests, including street demonstrations at the Government House, caused lawmakers to hit the brakes. In April, the Thailand Senate convened a panel to study the legislation; it will file its report by the end of July.
Meanwhile, critics including opposition MP Rangsiman Rome worry that casinos will bring an unsavory element to the largely Buddhist kingdom. He pointed to countries like Myanmar, Laos and Cambodia, where “criminals run amok and crimes like money laundering and human trafficking have flourished”.
Bernhard agreed that strict regulations are essential to attract global gaming giants like MGM Resorts and the Las Vegas Sands Corp.
“Serious operators want the strengthening of law,” he told the Post. “”You want world-class operators who want strict gaming operations, like an anti-money laundering law or know-your-customer law. They want to watch the dollars legitimately spent, counted and taxed to make sure it’s clean.
“The enforcement must be strict.”
Once-in-a-generation opportunity
Bernhard said Thailand should strike the iron now, amid rising income rates in countries around the world.
“This is the first time in history when more than 50% of the global population are middle class or above. In 10 years, two-thirds will be middle class.
“In the next 50 years, that number’s only going up. And if Thailand becomes stagnant it will lose out in the face of regional competition” for tourism dollars.
Supporters of the bill says legal casinos will boost the overall economy and wipe out the black market for gambling.
But as The Diplomat notes, “Thailand remains a socially conservative country where, despite widespread underground gambling, [many] still see gambling as a vice. There are worries the legislation is being rushed through without proper checks and balances.”
There are also concerns that passage of the bill without a public referendum would violate the constitution.
