Thailand takes another flutter at casinos, Las Vegas Sands wants to play

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Thailand Takes Another Flutter At Casinos, Las Vegas Sands Wants To Play
Muhammad Cohen

SINGAPORE: -- Despite years of political turmoil, Thailand remains a popular tourist destination and a longstanding hotbed for casino development speculation.

The Land of Smiles expects more than 26 million visitors this year, nearly 5 million of them from China, with Malaysia, Russia, Japan, South Korea and India, all restricted casino markets, in the next five slots. That’s an awfully tempting target, and after a fall in visitor arrivals and tourism revenues last year, Thailand may be ripe to try its luck with casinos.

It’s not just about tourists Thai nationals bet billions at underground casinos in Thailand and legal casinos in neighboring countries. Donaco International, which this month completed its takeover of Star Vegas Casino and Club, the largest of ten casinos just across border in Poipet, Cambodia, reported that punters bet nearly $4 billion there in the fiscal year ended June 30.

Star Vegas customers are nearly all Thais, and, thanks to improvements in road links to Bangkok and the military government’s crackdown on illegal casinos, plus more vigorous marketing, revenue rose 46.5% from the previous 12 months. The combination of locals and tourists makes Thailand an extremely tempting gaming market.

Full story: http://www.forbes.com/sites/muhammadcohen/2015/07/28/thailand-takes-another-flutter-at-casinos-las-vegas-sands-wants-to-play/

-- Forbes 2015-07-28

[worgeordie]

Depends on the sweeteners they offer,if large enough,they

stand a good chance.

regards worgeordie

[tomacht8]

If Thailand had properly controlled state casinos, that would bring money and tourists.
The profits should then flow completely in public social projects.
The only question is whether Thailand can organize and manage that without corruption.
I have my doubts, since unfortunately, due to lack of independent institutions.
In other coutries the state owned casinos are subject to the supervision of strong tax authorities.

Edited July 28, 2015 by tomacht8

[catterwell]

When I tried my hand at commercial debt collection, my biggest customers were Thais who owed millions to Sands in Macao and Singapore. The gentlemen were nice enough but never paid back one baht. The lady was remarkably elusive, flitting around the entire globe. I gave up on commercial debt collection. Working for an international group (and subject to strict rules), I couldn't compete with Thai methods.

[bendejo]

A notoriously corrupt form of business comes to a notoriously corrupt bureaucracy. Sawadee kap.

[balo]

A casino would be perfect in Thailand . Just make sure to legalize poker at the same time.

[aircut]

it will serve as the country biggest money laundry machine, the rest are just excuses

[Strangebrew]

Nice thought but don't think it would come about with present rules on ownership here. Besides the major players IE: Vegas, Do you really think there going to invest a billion plus in building a casino on land they can't own outright and give 51% CONTROLLING INTEREST IN SAID INVEST TO THAI'S plus have to import all gaming equipment from outside the country and pay import duty on it all the while having to hire Thai's to run the operation? Plus pay taxes here and at home for any profit made. Sure it would bring major players maybe even a world poker tour here Maybe, downside price of hookers would double. and with the holidays here no casino could be open 24 hours which they need to make a profit.

[chainarong]

Thailand would need to think very hard before taking this route, there would need to be strong legislation introduced and special laws strictly enforced , there are many pit falls in this game and advice and input from Singapore , Macau, OZ or the US would be needed , unfortunately I have no confidence in Thailand's ability to provide proper Governance for Casino's, they can't even provide proper governance for the DCA.

[Andaman Al]

The Thai propensity for gambling is huge. Even with all the underground gambling I see so many people losing houses, cars and putting their families into utter ruination over gambling. If we end up with casino's here the problem of loss of all assets will go through the roof. There will be two winners, the casino operators and those people who buy land, houses and cars for peanuts from people in complete financial distress.

[Reddog1]

I have homes in Phuket (Patong beach) and (Reno) Nevada (USA), so I have some awareness of both cultures. Nevada in famous for it's gambling. And it is controlled reasonably well. This is a result of both experience and culture. I know any number of people in all aspects of the business, from designing and building gambling machines through casino workers and management, policing, and stage show production. It is not universally known that we also have legalized prostitution (in some counties) and lots of bars that never close. The State of Nevada is unique in it's culture (one of the reasons why I live here). Most of the natives take the gambling as a ho-hum thing. You might cash your paycheck in a casino to get the free drink tabs or, as I do, eat out in the casinos for the great dinner specials. We used to say that it was cheaper to eat out than to eat at home. I have met people that have made big money from casinos and others that should not gamble. For many, an evening out playing slots or the tables is better than television. And costs the same. The booze is free when you gamble. Many of us don't gamble very often. The casinos pay the states taxes for the most part. There is no state income tax in Nevada.

The basic city of Patong beach is similar to Reno. They are both tourist towns. Patong has the beach and we have lake Tahoe and snow skiing. Both cities have sites to see outside of the city.

I have also lived in Las Vegas and have visited gambling in Jamaica. In Jamaica the natives are not allowed into the casino (when I was there).

All this being said. There are issues with gambling in Thailand (Phuket and elsewhere). The first and foremost is governmental control. Once the present problems are sorted out (if ever). Casinos would require tight control. And the introduction of "outside" professionals to teach the business to locals. (You can't just open a steel mill, or any large industry without existing expertise.) Most cultures gamble on some level. But it is generally considered a local cultural norm. And it can be abused in any number of ways. The country could probably introduce controlled gambling on a stepwise bases. But the unique Thai cultural norm could turn it into a debacle. There are a lot of cultural nuances to be dealt with for gambling to be successful in Thailand.

[wabothai]

Thailand, who? Names please.

[tonbridgebrit]

Nice thought but don't think it would come about with present rules on ownership here. Besides the major players IE: Vegas, Do you really think there going to invest a billion plus in building a casino on land they can't own outright and give 51% CONTROLLING INTEREST IN SAID INVEST TO THAI'S plus have to import all gaming equipment from outside the country and pay import duty on it all the while having to hire Thai's to run the operation? Plus pay taxes here and at home for any profit made. Sure it would bring major players maybe even a world poker tour here Maybe, downside price of hookers would double. and with the holidays here no casino could be open 24 hours which they need to make a profit.

"downside price of hookers would double."

That might be a downside as far as you're concerned, but it's not a problem for the hooker industry.

[kingstonkid]

The only way a casino would have a chance of working is if all the rules were changed and one rule added. I think it was tenerife where in order to enter the casino you had to show your passport.

Also there would have o be a dress code so that you stay at a level that makes sense.

There is no way that you can let Thais into the casino as players they just could ot handle the lossses.

Also it is not a guarantee look at Atlantic city it is almost a ghost town.

[Reddog1]

What do you mean by "Thailand, who? Names please."

[NickJ]

Anybody that thinks casinos would be good for this country is either delusional, lives here and is to lazy to head to Singapore or doesnt live here and vacations here from time to time. Comparing Thai people to people in Reno, where law enforcement works is assinine.

[Briggsy]

Illegal gambling makes massive profits for police, senior military and politicians,both national and local.

Legal gambling across Thailand's borders, particularly in Cambodia, has major Thai shareholdings.

Why on earth would they stop this gravy train direct into their own bank accounts and divert it to national coffers and even worse foreign shareholders. Absolutely no chance whatsoever. Any who believes this will come about has no idea of how Thailand works.

[anotheruser]

Anybody that thinks casinos would be good for this country is either delusional, lives here and is to lazy to head to Singapore or doesnt live here and vacations here from time to time. Comparing Thai people to people in Reno, where law enforcement works is assinine.

I don't think casinos would be good for Thailand. I however like playing poker sometimes. I am willing to put the best interests of the country aside for my own personal benefit. I am no different than the leaders of the country in this respect. With how much regard is given to foreigners here I don't see why any foreigner actually gives any concern to the well being of this country unless you have a wife or kids. I know my attitude is a bit crude here but over the years have simply stopped caring about the country. My theory after being over here awhile is that if you are the only that cares when the Thais themselves don't you will go crazy.

[Reddog1]

You need to compare the people to establish why gambling will not work at this time and maybe not ever. I think you need to learn how to read a little better before you make comments like asinine. (better spelling would help also) Gambling where you have a lot of poor people around that can not handle the concept is always a problem. And it is always a problem when the governance and society are in an uproar. But there are casinos all over the world. And different places find different answers. I have no illusion about the Thais. I see many of their good points and many of their bad points. Anyone that knows the history of Nevada, knows that law enforcement here is far from perfect.

I read a lot about the issues of Thai law enforcement. This may be true, but I personally have never had a problem with them. There are good and bad police everywhere. And there are corrupt and incompetent officials everywhere. I have always said that I like Nevada because you know how much the officials cost. The culture here works to deal with issues, as with everywhere else. This does not mean it is a perfect situation here or anywhere. I always tell the armed guard in front of my Bank of America branch that my Bank of Bangkok branches have no armed guards.

Gambling in general can be, or is, a vice. If it is not instituted cleanly, or if the society is not ready for it, there will be problems.

[Strangebrew]

You need to compare the people to establish why gambling will not work at this time and maybe not ever. I think you need to learn how to read a little better before you make comments like asinine. (better spelling would help also) Gambling where you have a lot of poor people around that can not handle the concept is always a problem. And it is always a problem when the governance and society are in an uproar. But there are casinos all over the world. And different places find different answers. I have no illusion about the Thais. I see many of their good points and many of their bad points. Anyone that knows the history of Nevada, knows that law enforcement here is far from perfect.

I read a lot about the issues of Thai law enforcement. This may be true, but I personally have never had a problem with them. There are good and bad police everywhere. And there are corrupt and incompetent officials everywhere. I have always said that I like Nevada because you know how much the officials cost. The culture here works to deal with issues, as with everywhere else. This does not mean it is a perfect situation here or anywhere. I always tell the armed guard in front of my Bank of America branch that my Bank of Bangkok branches have no armed guards.

Gambling in general can be, or is, a vice. If it is not instituted cleanly, or if the society is not ready for it, there will be problems.

Really the guards are there to keep the crooked bankers in check. If I'm correct isn' t B of A still stealing property from there clients? I'm totally sure but think I read something about couple years ago.

[Chao Lao Beach]

Just say you a re a corrupt Gov official or cop or waht ever, it is a great way to make that criminal money "clean and legal"