MACAU BUSINESS
T
hailand’s house of wild-card politics has left the global gaming industry wearing poker faces last month. Many in Macau had bet heavily on the Thai Entertainment Complex (EC) bill through 2024 and 2025, with nearly every operator in the territory setting up marketing offices or hiring lawyers in Bangkok. Operators, consultants and Thais with stakes in the process are frustrated by Bangkok’s political manoeuvring. Now, all eyes are on two developments – one immediate, the other looming – that could, as one insider put it, “revive a coma victim” in what many believe could become the world’s second or third largest gaming market. Industry figures now describe it as playing the “Japan game” – a reference to the interminable liberalisation process there that dragged on for years. The immediate issue is how caretaker Prime Minister Anutin Charnvirakul will proceed with dissolving the current House and calling elections in “March or early April.” In his Special Cabinet Approved policy statement of 29 September, Anutin pledged: “Strict action will be taken to suppress narcotics, gambling, and large-scale fraud networks, with disciplinary and criminal penalties for negligent officials.” He further stressed: “The cabinet also underscored a clear policy of not supporting gambling businesses, ruling out casino-style entertainment complexes and the legalisation of online gambling.”
The Entertainment Complex bill was formally withdrawn on 7 July 2025 by former Prime Minister Paetongtarn Shinawatra of the Pheu Thai Party in an effort to avoid further political infighting. Spoiler alert: it did not succeed. Despite the bill already being off the table for over two months, a special Senate committee under Anutin’s caretaker watch rejected it on 23 September.
Thai media reported that the Senate “formally rejected” the withdrawn bill, citing “serious concerns” over social impacts, “economic disruption and national security.” Senators also argued casinos were “incompatible with Thailand’s moral values” and warned that legalising them could damage the country’s international reputation.
One exasperated lawyer, speaking off record, scoffed: “REALLY! Pot is ok. Sex in back streets is ok. Thailand’s international image is not so good and fewer people are visiting.” He pointed to the border war with Cambodia, kidnappings into regional scam centres, and constant flooding as additional deterrents for tourists – particularly the Chinese.
SHINAWATRA DYNASTY AND POLITICAL HEADWINDS The second key issue concerns the Shinawatra family, the most high-profile domestic backers of the EC move – ex-Prime Minister Thaksin Shinawatra and his daughter, recently ousted Prime Minister Paetongtarn Shinawatra. They were the most visible advocates of the bill, while
powerful local players such as CP Group, Mall Group and Bangkok Land Company’s IMPACT Arena also pushed for it.
Thaksin’s conviction on 9 September for corruption, resulting in a one-year prison sentence, has cast a “taint” over the EC bill, despite his and Paetongtarn’s heavy lobbying for legalisation. Momentum seemed to be on their side through late 2024, with the Ministry of Finance approving the bill in December and the Cabinet following suit on 13 January 2025. But the tide shifted after Paetongtarn’s February trip to Beijing, where she revealed that President Xi Jinping had expressed concerns over Thailand legalising gaming. That admission gave her critics, notably Anutin, political ammunition. Matters escalated further after the 28 March Myanmar earthquake, which led to the collapse of Bangkok’s under-construction State Audit Office due to faulty rebars and cement – for which many blamed Chinese suppliers. The EC bill vote, originally scheduled for mid-April, was pushed back and ultimately abandoned.
COLLAPSE OF SUPPORT AND INDUSTRY MISSTEPS
The EC initiative unravelled rapidly between May and August. A soldier shooting triggered the closure of the Cambodian border, while a leaked Facebook conversation revealed Paetongtarn referring to Cambodian strongman Hun Sen as “Uncle” while criticising Thailand’s military. This preceded the 24–27 May border conflict with Cambodia, her suspension as Prime Minister, and her dismissal on 29 August for ethics violations. Meanwhile, attempts by the gaming industry to assuage public concerns backfired. From May to July, operators mounted poorly executed PR
Thailand’s Prime Minister Anutin Charnvirakul was sworn in to office on September 24, 2025. (Photo by Lillian SUWANRUMPHA / AFP)
campaigns that only inflamed opposition. Ben Lee, Managing Partner at IGamiX Management and Consulting, remarked: “The minute the big international casino operators started lecturing the Thai government on what’s good for them did not help public perception that it was all about ‘big business’ and that the main beneficiaries would be the tycoons at the expense of ordinary working people. That was probably when local attitudes shifted from ‘wait and see’ to negative.”
He added: “Three strikes, out. First him [Thaksin], then his sister [Yingluck], followed by his daughter [Paetongtarn]. The issue of gaming liberalisation came up under each Shinawatra. The common underlying driver appears to be Thaksin. With this latest chapter closing, one has to be an eternal optimist to believe that gaming will be brought up again anytime soon. Maybe in another five to ten years, when the memory of this would-have-been dynasty has sufficiently dimmed.”
Thailand’s former Prime Minister Thaksin Shinawatra poses with his daughter Thailand’s sacked prime minister Paetongtarn Shinawatra as they arrive at the Supreme Court in Bangkok on September 9, 2025. (Photo by Lillian SUWANRUMPHA / AFP)
NOVEMBER 2025 25
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