MACAU BUSINESS
T
he latest instalment of the FRC/MBtv Debates series, jointly organised by Macau Business magazine and the Rui Cunha Foundation delved into new regional competition for the local gaming market and the limitations on the capacity to diversify the city’s economy
The event, titled Higher Stakes: Macau’s Gaming Industry Amid Rising Regional Competition and held on 28 April brought together Ben Lee, Managing Partner at IGamiX; José Duarte, Economist and Macau Business Senior Analyst; Niall Murray, Chairman of Murray International (Macau); and Rosalind Wade, CEO of Winna Media. The panel was moderated by José Carlos Matias, Director of Macau Business and Macau News Agency.
The experts discussed the potential of Thailand’s emerging gaming market and its implications for the Macau SAR. Winna Media recently organised the first Thai Entertainment Complex Summit and published the Thai Gaming 2025 Roadmap White Paper. CEO Rosalind Wade noted that while progress is encouraging, the timeline remains uncertain.
Although a draft bill to allow integrated resorts (IRs) in Thailand has passed an initial hurdle, it still awaits submission to the Cabinet and subsequent parliamentary debate.
“We’re in a sort of holding pattern at the moment,” Wade said. “The earliest vote could happen by July, but even then, it would require three readings in the House and passage through the Senate before reaching the King.”
Still, the prospect has stirred intense interest — and some nerves — across Asia’s gaming industry. Wade pointed out that regional competitors are watching closely. “Macau will always have its place, attracting Chinese gamblers. But Thailand is a whole different matter,” she said, adding that a diversified tourism base — including visitors from Southeast Asia, Europe, and beyond — could make Thailand a formidable player.
Wade stressed that much depends on how the Thai government manages public sentiment and opposition factions. “There’s been a lack of communication on the vision for these entertainment complexes,” she said. “They need to win the public over if they want to move forward.” Still, the regional implications are undeniable. Lee argued that if Thailand adds gaming to its already massive tourism engine — which generated US$47 billion last year without casinos — it could quickly become the world’s second-largest gaming jurisdiction, surpassing Las Vegas and threatening Macau.
“Thailand has over 700,000 hotel rooms,” Ben Lee, Managing Partner at IGamiX Management & Consulting said. “Imagine if they turbocharge tourism with a few casino licenses — it would be phenomenal.” Yet challenges loom. Wade cautioned against overreliance on Chinese patrons. “We don’t know if Thailand’s law will even allow Chinese tourists to gamble easily under current provisions. The regulations are quite onerous.”
Instead, she suggested Thailand might tap into other growing markets, including India. “Nobody talks much about the Indian market, but I think it’s huge,” Wade said. “Thailand has a much better opportunity to attract Indian tourists, among others.”
A ‘DEFENSIVE MOVE’ Ben Lee emphasized that major operators see Thailand as both an opportunity and a necessity.
“It’s a defensive move as much as an offensive one,” Lee said. “If you’re not there, you risk losing market share to competitors who are.”
Among the likely contenders, Lee highlighted Sands due to its global reputation, though he warned that “dealing with the vagaries of Thai politics” could be tricky. He also named Melco Resorts & Entertainment as a strong candidate, praising its success in developing non-gaming entertainment offerings across Macau, Cyprus, and soon Sri Lanka.
The Thai government’s current thinking reportedly envisions three to five licenses, potentially spread across Bangkok and provinces like Chonburi and Chiang Mai. Niall Murray, Chairman of Murray International in Macau, said Thailand’s efforts
to legalise gaming have been years in the making.
“Very large conglomerates have been working toward this since at least 2008,” Murray explained. “Back then, the Prime Minister even flew a casino architect around Thailand, picking out potential sites.” He pointed to past proposals, such as turning a former downtown shipyard into an 835-hectare IR strip, and noted that infrastructure investments – like high-speed trains connecting three major airports in the Eastern Economic Corridor – are laying the groundwork.
“Once the law is passed, actions will come very rapidly,” Murray said. “Some of the biggest families and corporations in Thailand already have well-developed plans.” Among the possible projects is an IR integrated with world-class medical tourism facilities, backed by the Bumrungrad Hospital conglomerate — reflecting Thailand’s ambition to offer diversified attractions beyond gaming.
MONEY FINDS A WAY José Duarte added another layer to the discussion, pointing to the financial realities surrounding capital outflow and regulatory control.
“There are certainly some very big amounts under ‘errors and omissions’ in the balance of payments in recent years,” he noted. “That suggests the control that is supposed to be exercised over Macau isn’t always effective. When it comes to gambling, people will find ways to move money.” Duarte remarked that even if formal channels are restricted, money will still flow — under different guises.
“If you don’t call it gold, you call it silver or JUNE 2025 29
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