If you enjoy gambling, you might find it interesting to know that two of the top casino operators in the world are considering Thailand as a possible location for their properties.
If Thailand legalizes gambling soon, sources claim that Galaxy Entertainment Group and MGM Resorts International are looking into the prospect of opening casino resorts there.
Thailand has always been a well-liked tourist destination, but because gambling is prohibited by Thai law, it has also been strictly off-limits to casinos. A plan for a casino resort did, however, receive bipartisan support in the last House and is anticipated to be approved by the incoming administration.
According to the plan, legalizing casinos will increase Thailand’s economy, generate jobs, draw more foreign tourists, and curtail illegal gaming. Additionally, it recommends placing casinos in designated economic zones or border regions and imposing stringent rules and fees on them.
Two casino behemoths competing for Thailand
The two casino operators, Galaxy and MGM, appear eager to capitalize on Thailand’s potential as a Southeast Asian gaming hotspot. According to insiders, both corporations have set up local offices in Bangkok where they have been doing market research and lobbying activities.
One of the biggest casino operators in Macau, which is home to the largest gaming market in the world, is Galaxy, which is owned by billionaire Lui Che-woo. It also has ties to Japan and the Philippines. Casinos are run by MGM, a Las Vegas-based company, in the US, China, and Japan.
Both businesses are having difficulties in their key markets as Las Vegas is still working to recover from the epidemic, while Macau’s gambling income has been hurt by China’s crackdown on corruption and money-laundering. They might be able to diversify their sources of income and insure against risk by entering new markets like Thailand.
Thailand entry does not, however, come without challenges. The nation continues to deal with societal upheaval, a sluggish vaccination rollout, and an increase in Covid-19 cases in addition to political unpredictability. Religious organizations and anti-gambling activists may also oppose casinos, claiming that they would cause greater social issues and moral degeneration.
The question of when Thailand will allow casinos remains unanswered. But if it does, it might alter the course of both the nation and the sector.