International casino operators are closely monitoring the integrated resort legislative progress in Thailand, as the country moves closer to legalizing casinos, but they still need further clarification on how the selection process for casino licenses will progress says Paul Crosio, managing partner at Emerald Advisory LLC.
The IR bill is expected to be confirmed next month, with Crosio noting that a key change in the draft legislation has already taken place, with removal of a previous requirement for casino operators to hold a THB50 million ($1.5 million) deposit, a move that significantly lowers the barrier for market entry.
“That requirement was scrapped when it went before the evaluation committee about two weeks ago,” Crosio said. “It would have excluded nearly the entire population, as fewer than 1 percent of Thais could meet such a financial condition.”
Instead, the government has proposed a proof of paid income tax for three consecutive years and an entry levy of THB5,000 ($150) per person for Thai nationals. “This effectively screens out a large portion of the population, including farmers and retirees, who may not have tax returns,” Crosio noted.
According to the former investment banker, now a lawyer based in Bangkok, international casino operators are closely monitoring the legislative progress and already inquiring with professionals in the field on possible future licensing requirements.
“People are waiting for the final version of the law,” Crosio said. “We know that the Hard Rock Group has set up an office in Thailand. Major players are getting ready for the lobbying and application process.”
Previous reports indicated that six to seven major international investors have already expressed interest in developing full-service entertainment complexes in Thailand.
The Thai government has mentioned several prominent names, including Las Vegas Sands, Wynn Resorts, Caesars Entertainment, MGM China, Hard Rock Group, and Melco Resorts & Entertainment.
“Right now, it’s quite opaque. How will they decide between operators? Who will be on the selection committee? What criteria will they use? These are still unanswered questions,” Crosio said.
“Some locations, like Phuket and Bangkok, will be highly sought after, while secondary cities may struggle to attract investment.”
Thailand’s Competitive Edge
If the legislation is approved, Crosio has no doubts: Thailand could quickly emerge as a premier gaming destination.
“Thailand is already a top travel spot for Chinese and Eastern European tourists. If high-end casinos and resorts are added to the mix, it will attract even more high-net-worth visitors,” Crosio said. “Compared to Macau – which has space constraints, or Singapore – which is more focused on pure gaming, Thailand could offer a more expansive, lifestyle-driven experience.”
Phuket is a particularly promising location, with plans for mixed-use resorts near major transport hubs. “It’s strategically located, an hour from Phuket City and Krabi, with proximity to the airport. It could be a game-changer for tourism,” Crosio added.
Despite uncertainties, the industry remains optimistic. “If done properly—ensuring transparency and fairness in the selection process—it will be a fantastic addition to Thailand’s tourism sector,” Crosio said.
“We’re talking about massive developments where casinos will be just a small part. The real draw will be top-tier entertainment, dining, and lifestyle experiences.”
The coming months will be crucial in determining whether Thailand can capitalize on this opportunity to reshape its tourism landscape.
Balancing morality and economic growth
Public opposition remains a challenge. While gambling has existed in Thailand in the form of state lotteries and horse racing, casino legalization has been met with skepticism.
Recently, Prime Minister Paetongtarn Shinawatra confirmed that her Cabinet will delay the final deliberation of the controversial casino bill, emphasizing the need for a thorough review and public consultation.
This comes after significant protests against the government’s plan to legalize casinos through the casino bill. The main groups opposing the bill include the Network of Students and People for Thailand’s Reform, the Dharma Army, and the Center of People for Monarchy Protection.
Protesters argue that legalizing casinos will result in social problems and weaken the nation, and claim the government is using foreign tourists as a pretext to enable Thai citizens to gamble.
“I don’t think Thais are against it per se. The concern is that those addicted to illegal gambling may become addicted to legal gambling,” Crosio said. “Thailand is a country that swings between being highly moralistic—such as banning alcohol sales on Buddhist holidays—and being very liberal, as seen with the legalization of cannabis and same-sex marriage.”
According to the expert, the push for integrated casino resorts aligns with Prime Minister Shinawatra’s broader economic strategy, which builds on a vision initially championed by her father and political predecessor, Thaksin Shinawatra.
“Thailand wants to be the tourism and leisure hub of Asia, if not the world,” Crosio said. “Without these mega mixed-use resorts, it would be at a disadvantage compared to Singapore, Malaysia, or the Philippines.”
