The recent appointment of a new Prime Minister in Thailand has sparked a surge of interest among billionaire investors eyeing the country’s plan to establish Integrated Resort (IR) casino resorts by 2027. Despite the removal of former Prime Minister Srettha Thavisin due to a bribery scandal, major players in the casino industry remain optimistic about the potential opportunities in Thailand.
An article in Asia Gaming Brief by former Genting and Hard Rock International executive Daniel Cheng highlighted the growing interest of potential IR casino suitors following the appointment of Paetongtarn Shinawatra as Prime Minister. As the daughter of former Prime Minister Thaksin Shinawatra, known for his support of the casino industry, Paetongtarn’s leadership has reignited enthusiasm among investors. Thaksin’s recent public speech emphasizing the importance of casino legislation has further fueled interest, with Thai billionaires and major conglomerates lining up for the chance to secure lucrative entertainment complex licenses.
Among the notable projects in the pipeline is The Royal Siam Haven complex proposed by The Royal Turf Club of Thailand (RTCT), with a planned investment of THB200bn ($5.8bn) in Bangkok. This project, which reportedly has the backing of the Thai royal family, aims to offer a mix of entertainment options including horse racing and casinos. Additionally, international firms such as Caesars Entertainment, Hard Rock International, Las Vegas Sands Corporation, MGM China Holdings Limited, and Wynn Resorts have expressed interest in participating in the IR race.
Thai business matriarch Supaluck Umpujh, owner of the Mall Group, is also exploring opportunities in the IR sector. Reports suggest that the Mall Group is considering repurposing existing real estate projects in Bangkok and Phuket to secure IR licenses. Another key player in the Thai IR market is the U-Tapao Airport and Eastern Airport City Project, led by U-Tapao International Aviation Company (UTA) and supported by Bangkok Airways. Business tycoon Prasert Prasarttong-Osoth, owner of UTA, is exploring the potential for a medical tourism-focused IR project, leveraging the family’s ownership of Thailand’s largest private hospital operator, BDMS.
The Charoen Pokphand Group, led by the Chearavanont siblings, is also making moves in the IR space with plans for a project in Makkasan, a strategic location in Bangkok connected to major airports via a high-speed rail link. The group’s partnership with the State Railway of Thailand highlights the potential for significant infrastructure development in conjunction with the IR project.
The interest in the IR opportunity in Thailand draws parallels with the success of Macau, which has served as a model for Asian countries looking to enter the lucrative casino market. While Japan has taken a cautious approach to casino investments, Thailand aims to open its first IRs by 2029, potentially ahead of Japan’s timeline for its first IR in Osaka by fall 2030.
Overall, the growing interest from billionaire investors and major conglomerates in Thailand’s IR casino sector underscores the potential for significant growth and development in the country’s entertainment and tourism industry. With key players positioning themselves to capitalize on the emerging opportunities, Thailand’s foray into the world of IR resorts is set to transform its landscape and attract a new wave of visitors and investors.