Once Thailand's casino industry matures, it may produce yearly gross gaming revenue (GGR) that surpasses Singapore, positioning the nation to potentially become the third-largest gaming market globally. 

According to Citi analysts George Choi, Preenapa Detchsri, and Timothy Chau, a recent report indicated that once Thailand completely develops its casino market, the nation could achieve annual GGR of $9.1 billion. That would suffice to place Singapore in the third position on the worldwide ranking, following only Macau and Las Vegas. Thailand has not yet formally authorized integrated resorts, but lawmakers are working to speed up associated legislation.

"Deputy Finance Minister Julapun Amornvivat recently reiterated the Thai government’s intention to table a revised draft law … to the cabinet by end-2024. When the council of state approved the bill … the race for licences in Thailand will quickly commence,” according to Citi,

The $9.1 billion GGR projection relies on Thailand granting approval for a minimum of five gaming licenses to commence — two in Bangkok and one each in Pattaya, Phuket, and Chiang Mai. 

Singapore/Thailand Not a Direct Comparison 

If Thailand ultimately reaches or surpasses the Citi forecast and secures the third position among global casino markets, it would be a remarkable achievement, especially given that the Southeast Asian country currently lacks regulated gaming establishments. 

Nonetheless, the comparisons with Singapore can be seen as exaggerations. The city-state features only two integrated resorts — Marina Bay Sands by Las Vegas Sands and Resorts World Sentosa by Genting — and this situation is unlikely to shift soon, as those operators enjoy duopoly protection for the next thirty years. 

Singapore is satisfied with merely two gaming establishments, and officials have indicated no plans to increase that number in the near future. Thus, if Thailand begins its casino gambling venture with four or five locations, it is logical to anticipate that it would swiftly exceed Singapore in GGR figures solely due to having a greater number of casinos. 

In 2023, Singapore achieved $5.11 billion in GGR, marking its strongest performance in that area since the start of the coronavirus pandemic. Additionally, Marina Bay Sands and Resorts World Sentosa rank among the most lucrative integrated resorts globally. 

Thailand's Captivating Casino Industry 

As new, significant growth opportunities are hard to find in the global gaming sector, Thailand presents an attractive market for operators for several reasons. These encompass the nation's position as a frontrunner in Southeast Asian tourism and suggested policies designed to attract major players in the gaming industry. 

Analysts view Thailand’s dedication to efficiency as similar to Singapore’s two decades prior, suggesting that the inaugural casino hotels in Thailand might launch in five or six years, with the proposed gaming tax rate of 17% regarded as beneficial for operators’ profits. 

“In light of the lower gaming tax rate at 17 percent and the lower operating expenses — mostly wages and utilities — versus Singapore, we believe earnings before interest, taxes, depreciation, and amortization (EBITDA) margin could reach 40 percent to 50 percent, which implies Thailand could see industry EBITDA of approximately $4.1 billion (annually),” added the Citi analysts.