Rob Goldstein is the CEO of Las Vegas Sands. Once again, he has confirmed the company’s interest in Thailand. This was in response to inquiries from investment bank analysts regarding the company’s 1Q24 results.
Goldstein notes that opening a casino in Thailand could happen faster than in Japan. Some analysts point out that the first casino in Thailand could open in 2029. This precedes the scheduled opening of MGM Osaka in Japan, slated for 2030.
He remarked that he thinks it’s conceivable. It’s early days, though they still have work to do with the numbers and understanding it.
The Las Vegas Sands CEO added that it’s a very, very exciting market on many levels. This is due to the sheer size of the population, accessibility, and the willingness of people to travel to Thailand. It’s obviously, I think, the number one resort destination city in Asia.
Bloomberg, citing sources, reported last June 2023 that gaming operators MGM Resorts International and Galaxy Entertainment Group are studying the potential of opening a casino in Thailand.
Furthermore, the investment bank headquartered in Kuala Lumpur, Maybank, said that Genting Singapore may bid for the Thailand casino license.
The Thai government’s proposal is to tax gross gaming revenue (GGR) at a relatively low rate of 17%. This coincides with plans for extensive industry development. This signals a welcoming environment for investors.
The Thai government aims to issue between 5 to 8 casino licenses, according to preliminary plans. According to studies released by Maybank, locations in key economic zones are prime candidates for Entertainment Complex establishments. These include the Eastern Economic Corridor. Popular tourist destinations like Phuket and Chiang Mai also fit this category.
The Thai Cabinet designated the Finance Ministry for reviewing a report. The House committee prepared the report. This report concerns the potential for establishing entertainment complexes with casinos in the country, as per the most recent update.
