Thailand Gaming Market Set to Surpass Singapore, Become World's Third Largest
Thailand's casino market could generate annual gross gaming revenue (GGR) of $9.1 billion when fully mature, potentially surpassing Singapore to become the world's third-largest gaming jurisdiction behind Macau and Las Vegas, according to Citi analysts.
Wat Arun temple at dusk
The Thai government plans to submit a revised draft law for casino legislation by the end of 2024. Initial plans include issuing five gaming permits: two in Bangkok and one each in Pattaya, Phuket, and Chiang Mai.
Key factors supporting this growth potential:
- Thailand's strong tourism sector
- Proposed operator-friendly 17% gaming tax rate
- Lower operating costs compared to Singapore
- Projected EBITDA margins of 40-50%
- Estimated annual industry EBITDA of $4.1 billion
While Singapore generated $5.11 billion in GGR in 2023 with just two integrated resorts (Marina Bay Sands and Resorts World Sentosa), Thailand's larger number of planned venues and favorable operating environment could enable it to quickly surpass this figure.
Industry experts predict Thailand could see its first casino hotels operating within 5-6 years, following an efficient development model similar to Singapore's approach two decades ago. The country's commitment to attracting major gaming operators and its established tourism infrastructure make it an attractive market for global casino companies seeking expansion opportunities.
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