Thailand's first legal casino resort could potentially open by 2029, acccording to Maybank

Thailand's first economic corridors hosting legal casino gaming may open as soon as 2029, according to new reports. Casino gambling in the country could become legal should a study passed by the House of Representatives be given final approval by the cabinet.

As per the proposed plan, up to eight potential integrated casino resorts are to be developed in the country, with the Eastern Economic Corridor identified as the most likely location, according to Maybank Investment Bank. This development is expected to span approximately five years, assuming approval of one or more integrated resort bids within the current year.

The potential timeline suggests that Thailand's inaugural casino may open before or around the same time as MGM Resorts International's $10 billion integrated resort in Osaka, Japan, set to start welcoming guests in 2030.

“License bidders will be evaluated by a committee headed by the Prime Minister. We understand that favored locations are in the Eastern Economic Corridor (Rayong, Chonburi, and Chachoengsao), south (Phuket, Phang Nga, Krabi), north (Chiang Mai, Chiang Rai, Lampang) and northeast (Nong Khai, Udon Thani, Khon Kaen, Nakhon Ratchasima)," Maybank IB analyst Samuel Yin Shao said in a note.

These areas are currently undergoing development or enhancement of their airports, ports, and high-speed rail infrastructure. The primary objective of establishing economic corridors is to bolster Thailand's tourism sector by attracting more visitors.

“Assuming two years to finalize a regulatory framework and three years to construct, the first economic corridor may only open in 2029,” Shao said.

Under the proposed scheme, Thailand would implement four different investment sizes based on the location of each integrated resort development. The first phase of licenses issued would be for the largest projects, requiring a minimum capex of THB100 billion (US$2.7 billion).

As per the study passed by the House of Representatives, Thailand could significantly boost its tourism revenue by about $12 billion through the legalization of casinos housed within large entertainment complexes. Conducted by a panel of lawmakers, the study proposes that the legalization of casinos within these entertainment hubs could potentially elevate average tourist expenditures by 52%, reaching 65,050 baht ($1,790) per trip.

Another recent study from Maybank IB underscored that the move would have a significant impact on the regional gaming landscape, with Singapore’s integrated resorts and Cambodia’s NagaWorld being particularly susceptible, as over 60 percent of their GGR is derived from foreign sources.