Thailand Eyes Casino Boom to Boost Tourism and Economy
Pattaya, Thailand, may witness a surge in tourism if a proposed casino is established. The Thai government is eyeing a strategy to enhance foreign arrivals and tourism spending by legalizing casinos, a move that has proven successful in Macao and Singapore. Macao is now the world’s largest gambling hub.
Thailand’s draft bill, if passed, could position the country as a primary competitor to Macao and Singapore by the decade’s end, according to industry analysts. "They’ve seen the benefits from Singapore and Macao. If Thailand plays it right, it could enhance its appeal," Ben Lee of IGamiX Management and Consulting told CNBC.
Tourism, vital to Thailand’s economy, remains sluggish post-Covid. The return of Chinese travelers is crucial, as the country welcomed about 28 million foreign tourists in 2023, down from nearly 40 million in 2019. Former Prime Minister Srettha Thavisin initiated the draft bill to legalize entertainment complexes, aiming to boost tourism spending and employment.
With gambling mostly illegal in Thailand, the bill has garnered attention; current Prime Minister Paetongtarn Shinawatra is expected to continue the efforts. Analysts predict potential casino revenues of 187 billion Thai baht ($5.5 billion), about 1% of GDP.
If implemented well, Thailand might surpass other Asian gaming hubs, excluding Macao. "A well-set Thailand casino industry could outperform many other regions," noted Lee.
Analysts foresee casinos in less populated areas like the Eastern Economic Corridor and tourist spots like Phuket, Krabi, Chiang Mai, and Pattaya. The local government may follow Singapore’s integrated resort model to attract non-gamblers too.
Moreover, Thai citizens might pay entrance fees similar to Singapore’s casinos, and operators would need stringent licenses. U.S. operators may need to collaborate with Thai companies, emphasizing local interest.
Experts agree that an effectively managed casino industry in Thailand could significantly boost tourism and economic diversification, drawing substantial investment and revenue.
Original Story https://www.cnbc.com/2024/09/02/thailand-looks-to-build-casinos-to-attract-tourist-dollars.html
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