MACAU BUSINESS
illegal casinos bordering Thailand as a barometer of local Thai gamblers (which would be a core market force), sees near-term issues arising.
Mr Murray later told Macau Business, “If Thailand builds a comprehensive strategic framework for the Entertainment Complex/ Integrated Resort industry by involving all key government and private stakeholders for the regulation, development and operation of the industry, built on new and existing best practices, it will potentially become the second largest IR market in the world. If not, it could fail spectacularly.”
Ben Lee noted that “Macau gaming experts have a lot to offer in terms of the do’s and don’ts. Macau is after all the single biggest gaming market in the world, and a mere 2.5 hours’ flight away.”
He added, “Whilst it may not yet be at the forefront of entertainment, it [Macau] is the Mecca of the gaming world and gaming technology and more importantly the regional base of many gaming suppliers that support a sunrise industry.”
TAKEAWAY CONSENSUS Jeffrey Kiang, Equity Research (Gaming & Conglomerates) Analyst at CLSA, told Macau Business that, “Thailand looks to be a
mass-driven gaming market with a lot of optimism on the ground, and industry people generally agree it could be a massive market on a global scale.”
In his presentation, Kiang noted there was a forecast of a minimum US$3 billion needed to achieve a property with an overall gross floor area comparable to Cotai resorts, although this figure was not yet adjusted to price level differences between Macau and Thailand. He further noted that Thailand’s IR industry will likely resemble Singapore in terms of geography and demographics, with 20 to 25 per cent of visitors from Hong Kong and China. Thailand is within a six-hour flight radius of all of China, India, southern Japan, the Arabian Gulf, and Southeast Asia, down into Australia—from Muscat to Fukuoka to Port Moresby.
Estimates could be similar to Macau figures from 2019, with 40 million annual visitors and GGR akin to Singapore with US$386 million, but could net US$15 billion per annum once ramped up.
That being said, Lee, who highlighted “Thailand’s Ring of Gambling” of legal and
Mr Lee said, “I talked to some locals involved in the [Thailand] border gaming industry. They said that there will be a fair bit of jockeying to come and that the anticipated April [12] date may yet be delayed.” A source at the conference expressed to Macau Business worries about a clause mentioned in the opposition bill that the head of the gaming governing body was to be the prime minister of Thailand. What would that mean to the gaming operators, especially from the US, given that Thailand has had over 13 successful military coups and nine failed coups over the past century, more than any other country? Would there be coups for controlling casinos?
Summing up the summit, organiser Rosalind Wade, CEO of Winna Media, said, “This was a dynamic conference that included breaking news and also an exciting straw poll consensus.” She highlighted the announcement by Thai Member of Parliament Chulapong Yukate that his opposition People’s Party would be tendering a second casino bill to the existing bill. Ms Wade also emphasied how Ben Lee’s statemnet that if Thailand were to legalise gaming, it could be the world’s second leading market with direct competition with Macau and Las Vegas “blew the audience away”
Ms Wade added, “I’d say the Asia-based
gaming industry leaders with Macau, Singapore and Philippines hub experts are primed to see how this will all play out in 2025. We’ve heard that the major international operators are here with some ground teams, and research and vigilance are on.”
Winna Media is presently assembling a critical White Paper on the Thai Entertainment Complex Summit, ready for release by the end of February.
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