As Thailand inches closer to legalizing casino gaming, industry experts are watching closely, and warning that the kingdom could quickly emerge as a major rival to established markets like Macau.
The nation was highlighted during a panel at the Macau Rui Cunha Foundation as part of the FRC/MBtv Debates series named “Higher Stakes: Macau’s Gaming Industry amid Rising Regional Competition”. The event brought together Ben Lee – Managing Partner of IGamiX; José Duarte – Economist and Macau Business Senior Analyst; Niall Murray – Chairman of Murray International (Macau); and Rosalind Wade – CEO of Winna Media.
The session was moderated by José Carlos Matias, Director of Macau Business and Macau News Agency, and included a large focus on the possibilities of a new Thailand gaming market.
“The Thai gaming market has huge potential,” Ben Lee reiterated. “Even if it’s not just about tapping into that potential, it’s a defensive move. Operators want a footprint there to protect market share from competitors.”
According to Lee, established giants like Las Vegas Sands and Melco Resorts are well positioned to seize opportunities in Thailand, given their experience navigating complex political environments and operating large-scale integrated resorts.
“Melco, for instance, has the biggest international footprint among Macau’s operators, from Cyprus to Manila and soon Sri Lanka. They’ve also shown a strong commitment to non-gaming amenities, which gives them an edge,” he added.
The stakes are enormous. Thailand’s tourism industry already boasts over 700,000 hotel rooms and generated about US$47 billion in tourism revenue last year — all without gaming. Lee suggested that if Thailand were to successfully introduce integrated resorts, it could replicate Singapore’s model of turbocharging tourism through casinos. “Without a doubt, they would very quickly become the number two gaming jurisdiction in the world,” Lee said. “And they would give Macau a real run for its money.”
A family affair
On the ground in Bangkok, movement is already underway. Lee noted that preliminary discussions suggest three licenses could be issued in outlying provinces such as Chonburi, Chiang Mai and Phuket, with possibly two more reserved for Bangkok itself.
For Niall Murray, the Thai ambitions are no sudden development, and have been a long time project of the powerful Shinawatra family, since the time of Thaksin Shinawatra.
“This has been in the works for years,” he said. “Back in 2008, one of Thailand’s prime ministers flew a famous casino architect around the country to scout locations. These big family conglomerates have been preparing ever since.”
Murray believes that the infrastructure and plans are so advanced that swift action would follow the passage of legislation. “The Eastern Economic Corridor, linking three major airports with high-speed rail, is already set up. Families behind those projects are the same ones positioning for integrated resorts,” he explained. “As soon as the law passes, you’ll see incredibly rapid movements.”
Some of the concepts under discussion include massive resort complexes featuring casinos alongside medical tourism hubs, racecourses, and entertainment districts. “The proposals from the old downtown shipyard area to a mega-strip of integrated resorts have been on the table for over a decade,” Murray noted.
But beyond the glamour, there’s a warning for Macau. “Thailand’s tourism is already incredibly diversified, unlike Macau, which still depends heavily on mainland Chinese visitors,” said Murray.
“Thailand had close to 36 million visitors post-pandemic, offering everything from jungle adventures in Chiang Mai to beach resorts and urban nightlife. They’ve got space, reasonable hotel rates, and extended stays — everything Macau struggles with.”
Economist José Duarte echoed these concerns. “Macau remains a small enclave catering mostly to day-trippers from the mainland. It still hasn’t diversified its tourism offering beyond gambling,” he said. “If Thailand legalizes casino gaming, it will not just be another Singapore-style competitor. It will be on a different, much bigger scale.”
Duarte pointed out that, while Singapore intentionally limits its casino development to control social impact, Thailand may not impose such strict restrictions. “Thailand could go all out — and that’s a much more serious challenge to Macau than we’ve seen before.”
Ben Lee further emphasized the geopolitical angle. “From the perspective of mainland Chinese authorities, Singapore was already considered risky enough that they warned citizens against gambling there. With Thailand, similar warnings have surfaced — urging Chinese tourists to avoid casinos altogether.”
