An analyst at CLSA Ltd. predicts that integrated casino resorts in Thailand could reach up to US$15 billion in annual gross gaming revenue (GGR).
Thailand could rank as the "third biggest land-based casino market" in terms of 2023 data. This was revealed by Jeffrey Kiang, an analyst at brokerage CLSA Ltd., during the Thai Entertainment Complex Summit organized by Winna Media. As the lead media partner of this Summit, Asia Casino News (ACN) attended this event which took place in Bangkok from December 2-4, 2024.
According to Kiang, the Thai casino resort sector has the potential to generate US$15 billion in annual gross gaming revenue (GGR) "once ramped up." The brokerage previously said last July that the Thai market could bring in US$8.5 billion a year.
Meanwhile, Ben Lee, managing partner of IGamiX Management and Consulting Ltd, stated during the same event that "GGR from the international markets alone"—that is, non-local players—in the Thai market "could very easily reach US$10 billion."
CLSA’s Mr. Kiang also pointed out that 20 to 25 percent of guests in Thai integrated resorts (IRs) with casinos are probably from Hong Kong and mainland China, "similar to Singapore."
Under the current draft casino bill of Thailand, casino licenses would have a 30-year term with the option to be renewed for an additional 10-year period.
Every casino resort will need to invest at least THB100 billion, which is currently equivalent to US$2.9 billion.
"Malaysia... the second contributor because the Malaysian Chinese are used to gambling," Mr. Lee predicted, referring to China as the country that would provide the most foreign players.
"I think Macau will be a potential loser simply because, at the moment, [Macau] gets about 93.5 percent of [its] visitors from Greater China–mainland China, Taiwan and Hong Kong,” the consultant said.
Kiang also expects Thailand to be “most like” the resort market in Singapore and thus a direct rival of Singapore.
Kiang stated, “We think the GGR per visitation in Singapore–at US$386–should be the most comparable” when it comes to Thailand.
Mr. Lee then pointed out: "Malaysia, Singapore's immediate northern neighbor, has "been feeding the two IRs in Singapore very strongly."
He continued, "Maybe not in terms of the top level [players], but certainly in terms what we call the 'uncles and aunties,' the growing mass."
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