In order to launch the nation's regulated gaming industry, the recently appointed Thai government wants to see up to seven casino hotels built, with up to three of those establishments situated in Bangkok, the country's capital.
According to recent media reports, Paetongtarn Shinawatra, the country's new prime minister, is expected to present a casino policy statement to parliament this week. The package is expected to include a directive requesting that up to seven gaming establishments start Thailand's entry into regulated gaming.
Those figures would surpass earlier rumors if related rumors concerning the construction of seven integrated resorts—including three in Bangkok—turn out to be true. There was speculation earlier this year that Thailand will begin with five casino hotels if lawmakers approved casino gaming, which is a scenario that is becoming more and more realistic. The T hat proposal envisaged for two gaming establishments in Bangkok, one each in the Eastern Economic Corridor, Chiang Mai, and Phuket.
Three integrated resorts in Bangkok are included in the casino legislation that the Thai cabinet is considering, according to remarks made by the Deputy Secretary-General to Prime Minister Suksit Srichomkwan in an article published by The Nation on Monday.
The law is thought to include a clause requiring the winning bidder of a casino license in Bangkok to pay $3 billion, which would bring in an additional $9 billion for the government. T hat pricing figure is probably going to appeal to a variety of international gaming behemoths because it is much less than what it would cost to build a new casino hotel on the Las Vegas Strip and much less than what some operators are intending to invest in New York.
Assuming a long-term return on investment in the high teens or low 20s in percentage terms—a frequent objective in the gambling industry—many gaming companies, including US-based enterprises Wynn Resorts, MGM Resorts International, and Las Vegas Sands, would probably be amenable to a $3 billion licensing fee. Thailand has piqued the interest of all three.
The aforementioned legislation package also stipulates that casinos must not occupy more than 10% of the total square footage of an integrated resort and that gaming establishments located outside of Bangkok must pay a $1.5 billion initial licensing fee.
There are more reasons why the Thai government is committed to permitting casino resorts in Bangkok. First of all, operators find it appealing because it is the most populated city in the nation.
Second, it's a step in the right direction from what Japanese game companies faced a few years ago. Permits for integrated resorts in Tokyo and Yokohama, the two largest cities in that country, were sought after by operators like Sands and Wynn, among others. When it became clear that those cities weren't willing to host casinos, those businesses and others gave up on their plans to open casinos in Japan.
Legislators in Thailand who support Japan's casino aspirations hope to expedite the legislative procedure so that their country's first gaming establishments open before MGM Osaka's in 2030.
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