Thailand’s casino bill moves toward debate in Parliament by year-end

Thailand

Viviana Chan

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February 17, 2025

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Thailand’s casino bill moves toward debate in Parliament by year-end

Thailand’s Finance Ministry expects the proposed bill to legalize casinos to be debated in Parliament before the end of this year, with a key legal review set to conclude by March 6th.

This update was reported by the local media outlet The Nation on Monday.

The bill, which is part of the broader Entertainment Complex initiative, is expected to pave the way for casino resorts aimed at boosting tourism, creating jobs, and attracting investment. The draft Entertainment Complex Bill was approved by the Cabinet on January 13th, allowing for the establishment of these resorts.

The Council of State, the government’s legal adviser, has been reviewing the bill for 50 days, focusing on determining what proportion of each entertainment complex can be dedicated to casino operations. Deputy Finance Minister Julapun Amornvivat has proposed limiting casino space to 10 percent of each complex.

Casino biz can lift tourist spending by 52% in Thailand: study — Julapun Amornvivat

Despite the government’s efforts, public opposition to legalized gambling remains strong. A poll conducted by the National Institute of Development Administration (NIDA) revealed that a majority of the Thai public still opposes the legalization of casinos.

Meanwhile, the country’s opposition is set to file a no-confidence motion against the government on February 27th, with the Thai Sang Thai Party (TST) vowing to target the administration’s controversial entertainment complex policy, which it claims is a disguised effort to legalize casinos.

The push to legalize casinos is being led by former Prime Minister Thaksin Shinawatra, father of current Prime Minister Paetongtarn Shinawatra, who has suggested creating a Las Vegas-style gambling hub in Thailand. A royal decree to specify potential sites for entertainment complexes is also in progress.

An ad hoc committee will be formed to assess the suitability, location, and financing of these casino resorts, as well as to evaluate their pros and cons for both the public and the government. The Entertainment Complex Policy Committee, chaired by the prime minister, will oversee the management, licensing, area designation, and safety of the complexes.

Additionally, an executive board appointed by the prime minister will be responsible for implementing the strategy, managing budgets, collecting fees, and addressing complaints. A dedicated office will also be set up to inspect venues, suspend illegal gambling operations, and confiscate assets when necessary.

Casino resort operators will be required to have a minimum registered capital of THB10 billion ($297 million), with a 30-year license costing THB5 billion ($148 million). An annual fee of THB1 billion ($29.7 million) will also be imposed, with a review of the license every five years.

According to previous reports, Prommin Lertsuridej, Secretary-General to Prime Minister Paetongtarn Shinawatra, stated that, if fully implemented, casinos in Thailand could position the country as a major player in the global gaming market.

Citigroup analysts predict that Thailand’s gross gaming revenue could reach $9.1 billion, making it the third-largest gaming market in the world, behind Macau and Las Vegas, but ahead of neighboring Singapore.

Global operators such as Galaxy Entertainment Group, MGM Resorts International, Las Vegas Sands Corp., and Wynn Resorts are eyeing opportunities in Thailand, seeing it as a potential hedge against uncertain prospects in Macau.

The filing highlights that the proposal is not conditional on The Star raising subordinated capital, nor is it dependent on any waiver or deferral of tax payable to state governments. However, the Board of The Star will still need to review the proposal, and there is no certainty that it will proceed or that the conditions will be met.

In the event that The Star proceeds with the proposal, the company may require additional funding before the proposal is fully implemented.

The group has continued to explore potential liquidity solutions, but the filing underscores that there is no certainty that any of these discussions or negotiations will lead to definitive agreements that could significantly improve the group’s liquidity position.

The Star Entertainment further noted that, in the absence of a successful arrangement, there remains material uncertainty regarding its ability to continue as a going concern.

Earlier last week, The Star Entertainment rejected the initial offers from its Hong Kong-listed partners, Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited (FEC), to acquire its 50 percent stake in The Star Brisbane integrated resort.

Despite rejecting these bids, the company confirmed that discussions with CTFE and FEC are ongoing. The company continues to explore the possibility of selling its stake in the Destination Brisbane Joint Venture (DBJV), which owns The Star Brisbane.

The Federal Court heard last week that Hawkins signed a significant contract with a prominent Macau junket operator, despite receiving warnings about suspicious activity at Star Sydney’s private gambling rooms. The court also revealed that former Star chairman John O’Neill received a document detailing the alleged criminal links of Alvin Chau, the Suncity junket’s founder, a year before the board approved a AU$30 million ($19.1 million) credit facility increase for Suncity. O’Neill forwarded this information to Star’s then-CEO Matt Bekier and its chief legal officer, Paula Martin.

In December 2022, ASIC initiated proceedings against Star’s former directors, including O’Neill and Bekier. The concerns about the company’s handling of money laundering risks prompted a government inquiry, which ultimately determined that Star was unfit to operate its Sydney casino.

Although Star continues to run the casino under a government-appointed manager, the inquiries in New South Wales and Queensland led to the departure of key executives and directors, putting the company on the brink of collapse.

ASIC accused Hawkins of failing to properly manage money laundering risks associated with the Suncity deal and not escalating concerns regarding the operator’s criminal links to the board. The regulator also alleged that Hawkins did not fulfill his obligations to ensure proper governance.

ASIC and Hawkins have reached a settlement where he will accept declarations of contravention regarding his conduct in 2018 and 2019. He has also agreed to pay a portion of ASIC’s costs.

Hawkins faced a maximum penalty of AU$1.3 million ($828,200) for the breaches but will settle for a lesser amount. He is currently serving as acting Chief Operating Officer at Bloomberry Resorts and Hotels in the Philippines, having been appointed in December 2024 following the retirement of Thomas Arasi.

Hawkins is the second former Star executive to settle, following the agreement of former CFO Harry Theodore. Theodore’s settlement includes a AU$60,000 ($38,267) fine and a nine-month suspension from ASX-listed companies.

The case is notable as it marks the first time ASIC has held all non-executive directors equally responsible for failures in due diligence, even when they were not directly involved in the misconduct.

Daily Asia Gaming eBrief: Wynn Macau maintains market share amidst intensifying competition

News

AGBrief Editorial

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February 17, 2025

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Daily Asia Gaming eBrief: Wynn Macau maintains market share amidst intensifying competition

Good morning. Keeping up with the fight. Despite an increasingly competitive environment in Macau, Wynn Macau has managed to defend its market share without sacrificing profitability, investment bank CBRE has noted. The company’s s t rategic investments in digital innovation, including installing smart tables, have enhanced marketing efficiency. Meanwhile, International Entertainment Corporation has signed a PHP1.47 billion ($25.5 million) contract for an extensive renovation of its New Coast Hotel Manila hotel and casino.

What you need to know

Amid rising competition in Macau’s gaming sector, Wynn Macau maintains strong performance in 4Q24, preserving market share and profitability.
International Entertainment Corporation (IEC) signs a PHP1.47 billion ($25.5 million) contract for an extensive renovation at its New Coast Hotel Manila IR.

On the radar

Mohegan faces loan acceleration for its South Korean INSPIRE resort.
Macau gov’t gaming tax volume in January drops 2% Y-o-Y.
Proposed NZ racing bill could make TAB sole online betting operator.
PAOCC aims to eliminate all illegal POGOs by the end of 2025.

AGB Intelligence

MACAU

Wynn Macau invests in digital innovation to sustain profitability

Wynn Macau has successfully maintained its market share amidst a competitive gaming landscape in Macau, according to a CBRE report, demonstrating resilience without sacrificing profitability. The company’s strategic investments in digital innovation, including the installation of smart tables, have enhanced marketing efficiency. Beyond Macau, Wynn is focusing on international growth with its $5.1 billion Wynn Al Marjan Island project in the UAE, fully financed and expected to attract long-term capital.

Industry Updates

PAGCOR announces financial support for the PMA facility enhancements.
SOFTSWISS Sportsbook upgrades CMS to optimize operator efficiency.
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Corporate Spotlight

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1xBet 2024 Milestones Key achievements and new heights of success

In 2024, 1xBet achieved significant breakthroughs and successes, solidifying its position in the iGaming industry. The brand secured major partnership deals, received prestigious awards, and showcased its innovations at the world’s leading forums.

MEMBERSHIP | INTELLIGENCE | ASEAN | CAREERS

International Entertainment Corporation (IEC) announced that its wholly-owned subsidiary, New Coast Leisure, Inc. (NCLI), has signed a PHP1.47 billion ($25.5 million) with a local contractor for extensive renovations and construction works at the company’s New Coast Hotel Manila hotel and casino complex

With the casino’s operations having commenced in May 2024, the renovation aims to modernize the hotel and expand gaming capacity, potentially increasing the number of gaming tables from approximately 80 to over 110 and slot machines from about 500 to over 920.

The company’s board believes that these enhancements will not only attract more visitors but also significantly boost future revenues from both the casino and hotel operations.

IEC is an investment holding company based in the Cayman Islands, engaged primarily in hotel operations and gaming in the Philippines and Macau.

New Coast Hotel, International Entertainment, Manila — New Coast Hotel Manila

Under the terms of the contract, the contractor will be responsible for a broad scope of construction activities, including designing, demolishing, and retrofitting various facilities within the hotel and casino. The works are scheduled to be completed by the end of the second quarter of 2025.

The company’s board has decided to utilize approximately HK$117.4 million of unutilized proceeds from a previous placing to partially fund this construction contract.

This decision aligns with the company’s commitment to its ongoing projects, particularly following the recent grant of a provisional license by the Philippine Amusement and Gaming Corporation (PAGCOR) to operate the casino in September 2023.

According to reports from the Philippine News Agency, PAOCC Executive Director Undersecretary Gilbert Cruz stated that, following President Ferdinand R. Marcos Jr.’s total ban on POGOs in January, only slightly over a hundred small-scale POGOs remain in operation across the country. The government can only declare the Philippines free of POGOs once all of these operators have been eradicated, Cruz explained.

He added that the PAOCC hopes to either completely halt or significantly reduce illegal POGO operations within the year. Many of these operators, originally based in major POGO hubs, have now relocated to apartments, condominiums, and even hotel rooms in an attempt to evade authorities. Despite being aware of the intensifying crackdown on illegal POGOs, these operators continue their activities because of the significant profits involved in POGO operations.

Illegal POGOs relocating to Cambodia

The PAOCC recently rescued 34 Indonesians from an alleged POGO hub in Pasay and arrested a Chinese woman named Liu Meng, two unidentified Chinese nationals, and one Malaysian.

According to Cruz, the Indonesians reported that they were coerced into working for a fraudulent operation in Pasay. After suspending its activities in January, the company planned to relocate to Cambodia. However, when the Indonesians refused to move, their Chinese supervisors threatened to withhold their passports until they repaid loans ranging from PHP50,000 ($867) to PHP100,000 ($1,733).

The operators aimed to move to Cambodia, where they believed the environment for illegal operations would be more lenient. The PAOCC is working to alert Cambodian authorities about the situation.

Wynn Macau defends market share in 4Q24 amidst competition

Viviana Chan

-

February 17, 2025

0

Wynn Macau defends market share in 4Q24 amidst competition

CBRE points out that promotional pressures and new openings have intensified competition in the Macau gaming market, yet Wynn continues to perform well, showcasing its resilience in a challenging market.

For 4Q24, Wynn’s adjusted property EBITDAR came in at $293 million, a slight 1.4 percent year-on-year decline. However, this exceeded analysts’ consensus expectations of $272 million. Even after adjusting for approximately $12 million in favorable VIP hold, Wynn’s performance still surpassed expectations. The property’s EBITDAR margin in Macau remained steady at 32 percent, signaling effective cost management and operational efficiency.

Wynn’s investments in digital innovation also play a role in sustaining profitability. The recent installation of digital tables at Wynn Palace and Wynn Macau is expected to improve marketing efficiency, particularly in attracting and retaining players. Despite a lackluster performance during the Chinese New Year holiday, management noted that foot traffic remained prolonged and table drop was consistent with the previous year’s two-week period.

Wynn Al Marjan Island construction works, Wynn Resorts — _{Wynn Al Marjan Island construction works*}

Wynn Al Marjan Island in focus

Looking beyond Macau, Wynn Resorts is aggressively pursuing international growth with its Wynn Al Marjan Island development in the UAE. The project, valued at $5.1 billion, is a key part of Wynn’s expansion strategy.

A recent $2.4 billion financing package fully funds the project, which is expected to be topped off by the end of the year.

Analysts from CBRE, John DeCree and Max Marsh, note that Wynn Al Marjan Island has already attracted significant attention as one of the most promising growth prospects in the global gaming industry.

Wynn’s recent progress on the project includes securing an official license from the GCGRA (Gaming Control and Regulatory Authority) in October, a successful investor day in Las Vegas, and major strides in construction. With project financing from a global syndicate of banks, the development is well-positioned to attract long-term capital.

During the company’s 4Q24 earnings call, CEO Craig Billings emphasized that Wynn’s current focus is on maximizing the potential of its land bank in Al Marjan, rather than expanding its Las Vegas assets. Billings explained that while Wynn holds undeveloped land in both Las Vegas and the UAE, the company’s capital and bandwidth are currently dedicated to the WAMI project. The UAE market, valued between US$3 billion and US$5 billion, represents a unique growth opportunity, and Wynn is committed to seeing it through to fruition.

Wynn Al Marjan Island, Hotel entrance project render, Wynn Resorts — _{Hotel arrival at Wynn Al Marjan Island}

Wynn Al Marjan Island, view from the pool, project render, Wynn Resorts — _{Hotel arrival at Wynn Al Marjan Island}

Billings also discussed Wynn’s other strategic initiatives, including potential investments in Thailand, New York, and London. He pointed out that although the company has long-term plans for growth in these markets, the primary focus remains on the UAE for the time being.

Wynn’s recent acquisition of Aspinalls in London aligns with its broader strategy to establish a meaningful presence in key global markets. The acquisition strengthens Wynn’s position in the UK, a major gateway city for international tourism.

Once Wynn Al Marjan Island is completed, Aspinalls’ results will be folded into the UAE resort, helping to create a cohesive global business.

Billings highlighted the strategic importance of both properties, noting that the combined reach of UAE project and Aspinalls will serve a region home to 3.5 million people and 40 percent of the world’s millionaires. This synergy, he explained, would make the combined operation a formidable player in the global gaming industry.

“We were informed that this office is now in a serious state of deterioration and is in dire need of renovation,” Mr. Tengco said. “So today, we are affirming our commitment to help fund the construction of the new PMA Candidate Control Liaison Office even if the PMA management has not yet formally requested it.”

PAGCOR announces financial support for the PMA facility enhancements

Mr. Tengco also pledged funding for a new warfare laboratory that will help integrate modern combat strategies and cutting-edge technologies into the academy’s curriculum.

In addition, he promised to finance the construction of a martial arts studio and an Olympic-size heated swimming pool as essential enhancements to the PMA Sports Complex.

Although funding details are yet to be finalized, Mr. Tengco assured the PMA community that PAGCOR will help provide future cadets with facilities that foster both learning and skills development.

“These projects are proof of our commitment to protect the welfare of the brave men and women of the PMA and the Armed Forces who risk their lives for our nation,” Chairman Tengco said. “With grateful hearts, we will ensure that your sacrifices are never taken for granted and that you can always count on our cooperation and support.”

PMA Superintendent Vice Admiral Caesar Bernard Valencia said the grants from PAGCOR will be of big help to the academy.

“We are ecstatic that PMA will be continuing its collaboration with PAGCOR,” he said. “As Chairman Tengco said, PMA and PAGCOR share a strong history of collaboration, and we are happy to continue that partnership.”

“Next year, we will be working on a new curriculum and we will delve mainly into electronic warfare, cyber warfare and artificial intelligence,” the PMA chief said. “For us to do that, we need a bigger venue where cadets can test theories they learn in class.”

Mr. Tengco also highlighted PAGCOR’s longstanding support for the PMA and the broader AFP community.

Some of the state gaming agency’s key contributions were the Php105-million grant in 2012 for the rehabilitation of the PMA Sports Complex and the Php600 million donations from PAGCOR’s licensees Solaire Resort & Casino and Newport World Resorts for the construction and improvement of cadet barracks between 2016 and 2019.

In 2019, Solaire’s Bloomberry Cultural Foundation donated an additional Php80 million for the repair of the PMA cadet barracks which started to show signs of wear and tear.

PAGCOR and its licensees likewise funded the construction of the Veterans Memorial Medical Center Magiting Veterans Wing; the Php 53.22-million watchers’ dormitory at V. Luna Medical Center; and the Multi-Purpose Office Building for the PMA Alumni Association.

The new CMS introduces advanced customisation capabilities, optimised locale management, and an upgraded interface, allowing operators to manage their projects more efficiently. These improvements reduce manual work, minimise errors, and speed up content updates, ensuring a seamless experience for both sportsbook teams and players.

One key advantage of the new CMS is its improved flexibility in managing complex configurations. Operators can now customise settings with greater precision, enabling tailored adjustments based on their business requirements. The system allows for deeper content control, making it easier to fine-tune sportsbook offerings, promotions, and betting options.

With enhanced locale management, teams can now reduce manual work when localising content for different markets, ensuring a smoother and more accurate experience when expanding into new regions. The improved interface also enhances usability, allowing teams to update key sections of their sportsbook more quickly and efficiently.

Alexander Kamenetskyi, Head of SOFTSWISS Sportsbook, commented: “This CMS is a massive upgrade for our Sportsbook’s operators. Our goal has always been to provide partners with the most agile and efficient tools for managing their projects. The latest improvements streamline content updates and enhance accuracy and scalability, allowing operators to focus on creating the best possible experience for players. As we continue to enhance our product, we’re excited about the new features we plan to introduce in the coming months.”

Recently the Sportsbook celebrated its fourth anniversary, reporting an 183% year-on-year increase in bets placed and expanding to 112 projects across 30 casino platforms.

SOFTSWISS is actively enhancing the system with new features planned for upcoming updates. One of the key improvements is a preview function, which will allow operators to preview page updates to prevent misconfigurations before content goes live. Another major upgrade will focus on mobile optimisation, enabling a more app-like experience. Instead of the traditional vertical scrolling, in-play events will be displayed in a side-scrolling format, making the interface more intuitive and engaging for mobile users.

The SOFTSWISS Sportsbook continues to deliver cutting-edge solutions to enhance both operator efficiency and player engagement. Recently, the SOFTSWISS Sportsbook Network Jackpot became the first cross-brand jackpot in the industry, boosting player engagement across multiple operators.

The SOFTSWISS team will be available to discuss new features and partnerships at the SBC Summit Rio from 25 to 27 February.

In parallel, TAB NZ’s operator, Entain, faces allegations regarding inadequate measures to combat money laundering and corruption in Australia. Australia’s financial crimes regulator has initiated civil penalty proceedings against Entain, which could mirror previous high-profile penalties in the industry.

Racing Minister Winston Peters has been briefed on the situation, and TAB NZ has reportedly sought reassurances from Entain regarding compliance with Australian laws.

Concerns have been raised that a monopoly could inadvertently increase gambling harm by offering worse odds, potentially leading to quicker losses for vulnerable gamblers. Additionally, there are fears that restricting legal betting options may push Kiwis towards black market alternatives, including cryptocurrency betting.

Thailand’s casino bill moves toward debate in Parliament by year-end

Thailand’s Finance Ministry expects the proposed bill to legalize casinos to be debated in Parliament before the end of this year, with a key legal review set to conclude by March 6th.

Table of Contents

The Star receives $414M debt financing proposal from Oaktree funds

The embattled Star Entertainment Group has announced that it has received a debt financing proposal from funds associated with Oaktree Capital Management.

Table of Contents

Former Star executive reaches settlement with ASIC over junket dealings

Greg Hawkins, the former Chief Casino Officer of Star Entertainment, has agreed to settle with the Australian Securities and Investments Commission (ASIC) over misconduct related to his dealings with a large Macau junket operator with suspected criminal ties.

Daily Asia Gaming eBrief: Wynn Macau maintains market share amidst intensifying competition

What you need to know

On the radar

AGB Intelligence

MACAU

Wynn Macau invests in digital innovation to sustain profitability

Industry Updates

Corporate Spotlight

1xBet’s 2024 Milestones: key achievements & heights of success

Table of Contents

International Entertainment signs contract for $25.5M renovation of New Coast Hotel Manila

Table of Contents

PAOCC aims to eliminate all illegal POGOs by the end of 2025

After implementing a total ban on POGOs in the Philippines, the country has set a new target to eliminate all illegal POGOs, many of which are operating on a smaller scale, by the end of the year.

Illegal POGOs relocating to Cambodia

PAGCOR announces financial support for the PMA facility enhancements

The Philippine Amusement & Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco has announced the commitment to fund the construction and upgrade of key facilities at the Philippine Military Academy (PMA).

Table of Contents

SOFTSWISS Sportsbook upgrades CMS to optimize operator efficiency

SOFTSWISS, a premier global provider of innovative iGaming software solutions, is introducing an upgrade to its content management system (CMS) for the SOFTSWISS Sportsbook platform.

Table of Contents

Proposed NZ racing bill could make TAB sole online betting operator

A new bill aimed at amending New Zealand’s Racing Industry Act 2020 is currently under scrutiny, which would designate TAB New Zealand as the only legal online operator for racing and sports betting.

ENQUIRIES & SUBSCRIPTIONS

CONTACTS

FOLLOW AGB

Thailand’s Finance Ministry expects the proposed bill to legalize casinos to be debated in Parliament before the end of this year, with a key legal review set to conclude by March 6th.

Table of Contents

The embattled Star Entertainment Group has announced that it has received a debt financing proposal from funds associated with Oaktree Capital Management.

Table of Contents

Greg Hawkins, the former Chief Casino Officer of Star Entertainment, has agreed to settle with the Australian Securities and Investments Commission (ASIC) over misconduct related to his dealings with a large Macau junket operator with suspected criminal ties.

What you need to know

On the radar

MACAU

Industry Updates

Corporate Spotlight

Table of Contents

Table of Contents

After implementing a total ban on POGOs in the Philippines, the country has set a new target to eliminate all illegal POGOs, many of which are operating on a smaller scale, by the end of the year.

Illegal POGOs relocating to Cambodia

Despite an increasingly competitive environment in Macau, gaming operator Wynn Macau has managed to defend its market share without sacrificing profitability, according to a recent report by investment bank CBRE.

Wynn Al Marjan Island in focus

Table of Contents

The Philippine Amusement & Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco has announced the commitment to fund the construction and upgrade of key facilities at the Philippine Military Academy (PMA).

Table of Contents

SOFTSWISS, a premier global provider of innovative iGaming software solutions, is introducing an upgrade to its content management system (CMS) for the SOFTSWISS Sportsbook platform.

Table of Contents

A new bill aimed at amending New Zealand’s Racing Industry Act 2020 is currently under scrutiny, which would designate TAB New Zealand as the only legal online operator for racing and sports betting.

ENQUIRIES & SUBSCRIPTIONS

CONTACTS