Major Casino Firms Eye Investment in Thailand's New Complex

webfact · August 9

At least five significant global casino companies have shown strong interest in investing in Thailand's upcoming entertainment complex project.

This interest comes as Thailand's government pushes forward with the draft bill for the Entertainment Complex Act. If passed, the law will legalise casinos in the country.

Las Vegas Sands Corporation, Wynn Resorts, Caesars Entertainment, MGM China Holdings Limited, and Hard Rock Cafe are the major players keen on entering the Thai market.

They have already initiated discussions with various government agencies and aligned with major Thai firms to explore potential investment avenues.

These investors appear willing to meet the conditions set by the proposed Act, which include requirements for operators to be publicly listed companies in Thailand with a minimum paid-up capital of 10 billion baht. The licenses, valid for 30 years and renewable for up to 10 more years, come at significant costs: an application fee of 100,000 baht, an initial license fee of 5 billion baht, and an annual fee of 1 billion baht.

Interestingly, the rule mandating that only 10-20% of the complex's area be allocated to casino operations, while still expected to generate 80% of the total revenue, hasn't deterred these investors.

They are also prepared to offer diverse entertainment options, meeting the requirement for at least four types of non-casino entertainment as listed in the Act's appendix.

However, the government's plan to designate specific areas for these complexes through a royal decree has sparked some resistance. While the government suggests five locations across various regions, the investors prefer choosing their sites to align better with their business strategies.

Las Vegas Sands, founded by Sheldon Adelson in 1988, is a global leader valued at over $30 billion. Wynn Resorts, established by Steve Wynn in 2002, is renowned for blending luxury with gambling.

Caesars Entertainment, one of the world's largest entertainment firms, boasts over 55 properties worldwide. MGM China Holdings, formed in 2004, is a joint venture between MGM Resorts and Pansy Ho. Lastly, Hard Rock International, known for its cafes and casinos, was started in London in 1971.

The approval of the Entertainment Complex Act will likely trigger a major transformation in Thailand's entertainment landscape, promising substantial economic growth and job creation.

TOP: Reference photo courtesy: Wikipedia

-- 2024-08-10

- Cigna offers a variety of health insurance plans designed to meet the minimum requirement for medical treatment coverage, with benefits reaching up to THB 3 million. These plans are tailored to provide comprehensive healthcare solutions for expatriates, ensuring peace of mind and access to quality medical services. To explore the full range of Cigna's expat health insurance options and find a plan that suits your needs, click here for more information.

Get our Daily Newsletter - Click HERE to subscribe

Olmate · August 9

1 minute ago, webfact said:

At least five significant global casino companies have shown strong interest in investing in Thailand's upcoming entertainment complex project.

This interest comes as Thailand's government pushes forward with the draft bill for the Entertainment Complex Act. If passed, the law will legalise casinos in the country.

Las Vegas Sands Corporation, Wynn Resorts, Caesars Entertainment, MGM China Holdings Limited, and Hard Rock Cafe are the major players keen on entering the Thai market.

They have already initiated discussions with various government agencies and aligned with major Thai firms to explore potential investment avenues.

These investors appear willing to meet the conditions set by the proposed Act, which include requirements for operators to be publicly listed companies in Thailand with a minimum paid-up capital of 10 billion baht. The licenses, valid for 30 years and renewable for up to 10 more years, come at significant costs: an application fee of 100,000 baht, an initial license fee of 5 billion baht, and an annual fee of 1 billion baht.

Interestingly, the rule mandating that only 10-20% of the complex's area be allocated to casino operations, while still expected to generate 80% of the total revenue, hasn't deterred these investors.

They are also prepared to offer diverse entertainment options, meeting the requirement for at least four types of non-casino entertainment as listed in the Act's appendix.

However, the government's plan to designate specific areas for these complexes through a royal decree has sparked some resistance. While the government suggests five locations across various regions, the investors prefer choosing their sites to align better with their business strategies.

Las Vegas Sands, founded by Sheldon Adelson in 1988, is a global leader valued at over $30 billion. Wynn Resorts, established by Steve Wynn in 2002, is renowned for blending luxury with gambling.

Caesars Entertainment, one of the world's largest entertainment firms, boasts over 55 properties worldwide. MGM China Holdings, formed in 2004, is a joint venture between MGM Resorts and Pansy Ho. Lastly, Hard Rock International, known for its cafes and casinos, was started in London in 1971.

The approval of the Entertainment Complex Act will likely trigger a major transformation in Thailand's entertainment landscape, promising substantial economic growth and job creation.

TOP: Reference photo courtesy: Wikipedia

-- 2024-08-10

- Cigna offers a variety of health insurance plans designed to meet the minimum requirement for medical treatment coverage, with benefits reaching up to THB 3 million. These plans are tailored to provide comprehensive healthcare solutions for expatriates, ensuring peace of mind and access to quality medical services. To explore the full range of Cigna's expat health insurance options and find a plan that suits your needs, click here for more information.

Get our Daily Newsletter - Click HERE to subscribe

No Crown from Australia? There already regally shifty and great at ripping money launderers, Cmon down Aussie cmon, cmon!

crazykopite · August 10

if they allow this form of gambling then the floodgates will open I neither gamble nor take any form of a drug unless a bottle of Leo is included , yet millions of Thais have an addiction when it comes to illegal gambling and I can only see an increase in the suicide rates I sincerely hope that I am wrong.

Tubulat · August 10

They might live to regret that, this Thai government, perhaps going the same way as they did with allowing soft drugs.

hotchilli · August 10

6 hours ago, webfact said:

Las Vegas Sands Corporation, Wynn Resorts, Caesars Entertainment, MGM China Holdings Limited, and Hard Rock Cafe are the major players keen on entering the Thai market

I have an idea which one might get considered.

freeworld · August 10

14 minutes ago, hotchilli said:

I have an idea which one might get considered.

They are all US majority controlled gambling/resort outfits, which one do you refer?

Edited August 10 by freeworld

Ralf001 · August 10

17 minutes ago, hotchilli said:

I have an idea which one might get considered.

MGM China would be a shoe in !

Hope it does go ahead.... love me a game of black jack.

hotchilli · August 10

4 minutes ago, freeworld said:

They are all US majority controlled gambling/resort outfits, which one do you refer?

MGM China Holdings Limited

freeworld · August 10

55 minutes ago, hotchilli said:

MGM China Holdings Limited

MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand and Mandalay Bay. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

https://en.wikipedia.org/wiki/MGM_Resorts_International

MGM Resorts International is an American hospitality and entertainment company. Operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, Chengdu, Hangzhou and Sanya, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.

CanadaSam · August 10

7 hours ago, webfact said:

However, the government's plan to designate specific areas for these complexes through a royal decree has sparked some resistance.

An IDEAL opportunity to uplift some of the low income and less populated areas of Thailand IMO, I sincerely hope that the gov't sticks to their guns and chooses the site(s) and does not allow the operators to choose, or we'll have more traffic nightmares and all sorts of problems in already well populated locations, where the casinos will wish to be (for easy access to customers).

Olmate · August 10

2 hours ago, Ralf001 said:

MGM China would be a shoe in !

Hope it does go ahead.... love me a game of black jack.

Two up with old style legal (Broken Hill) rules is a winner with punters, housegets hungry tho andbastardizes it limiting spinners winning streak. "Come in spinner" 🎉

Will B Good · August 10

I guess these companies are savvy enough to realise these contract details are for today.....Saturday......there could be totally different requirements come Monday.

spidermike007 · August 10

Be very, very careful. Consider the infamous Srettha/PT flip flop on thr ganga industry. Now, look at Cambodia.

The Chinese left behind the massive amount of unfinished buildings and construction in places like Sihanoukville, when their local economy collapsed back home in China and gambling laws changed in Cambodia. Is there a lesson to be learned here? They left behind a horrendous blight. They create alot of problems with their insatiable greed. And they care not one iota for the environment, nor local employing local people

Tens of thousands of Chinese citizens who moved to Cambodia to work in the gambling and hospitality industry have left the coastal city, leaving the economy in limbo and hundreds of high-rises unfinished across the city.

In July, provincial authorities met with representatives of local investors and landlords who have leased to Chinese investment projects to discuss the crisis.

According to Sihanoukville provincial authority, more than 1,000 buildings in Sihanoukville have been abandoned for more than two years.

https://cambojanews.com/sihanoukville-property-owners-in-limbo-as-unfinished-high-rises-litter-the-city/

newnative · August 11

19 hours ago, crazykopite said:

if they allow this form of gambling then the floodgates will open I neither gamble nor take any form of a drug unless a bottle of Leo is included , yet millions of Thais have an addiction when it comes to illegal gambling and I can only see an increase in the suicide rates I sincerely hope that I am wrong.

Simple solution, only allow foreign passport holders into the casinos to gamble. With no gambling currently available here in Thailand in any form, or in any neighboring countries, Thais will remain protected from the evils of gambling.

Presnock · August 11

18 hours ago, Tubulat said:

They might live to regret that, this Thai government, perhaps going the same way as they did with allowing soft drugs.

I agree with that, especially seeing as how the major gambling establishments will be required to put up lots of big $$$$$$ and TIT so next govt might outlaw gambling as household debts are already super high. Just saw a bit on Korean household debt too - highest they said in Asia and interviews with some indicate them trying to use gambling to get out of debt, and even big winners don't seem to be happy with just getting out of debt so they continue gambling and shortly thereafter they are big debtors again.

kingstonkid · August 11

Interestingly, the rule mandating that only 10-20% of the complex's area be allocated to casino operations, while still expected to generate 80% of the total revenue, hasn't deterred these investors.

This is the easiest part to comply with. Consider that most of these casinos have hotels and entertainment venues attached to the casino.

The challenge for them is going to be the locations and attracting acts to perform at the casinos

Hard Rock will want to attach to the hotel they already have.

There is o way any of them are going to want to spend themoney to set up in Utapao. They are going to want Phuket or Pattaya. Possibly Bangkok. The chinese will want Chang mai.

Deserted · August 11

It looks like it is going through now.

john donson · August 12

free printing money

TooPoopedToPop · August 12

The sharks are circling the rotten corpse of the Thai gov't already.

nahkit · August 12

On 8/10/2024 at 2:39 PM, CanadaSam said:

I sincerely hope that the gov't sticks to their guns and chooses the site(s) and does not allow the operators to choose

Of course, there's no chance that members of the government or their families might purchase tracts of useless land and then designate them as chosen sites, thus making millions in profit for themselves is there?

A certain airport comes to mind as an example.

Henryford · August 12

On 8/10/2024 at 12:47 PM, Tubulat said:

They might live to regret that, this Thai government, perhaps going the same way as they did with allowing soft drugs.

Where money is involved i doubt the Government care about any impact on the Thai population.

CanadaSam · August 12

38 minutes ago, nahkit said:

Of course, there's no chance that members of the government or their families might purchase tracts of useless land and then designate them as chosen sites

That is a given, and something that can not be avoided.

But my point was to keep these casinos far away from well populated areas to:

1- Avoid problems of additional traffic in big cities, and,

2- Remove easy access to large local populations in the big cities who will surely lose their life savings in these places, and,

3- Create many additional jobs for locals and Thais from other poorer areas of Thailand, not only in the casinos, but in the many businesses that will pop up nearby, like hotels, restaurants, shops, etc.

retarius · August 12

Why on earth don't they put a local player in, instead of all these thieving US and Chinese sharks. Should the profit come into Thailand to be taxed, not shifted away by sleight of hand to some other jurisdiction.