Thailand Casino Industry Could Surpass Singapore as World's Third-Largest Gaming Market
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, according to Citi analysts.
Wat Arun temple at dusk
The Thai government plans to introduce revised draft legislation by the end of 2024, with initial plans for five casino licenses: two in Bangkok and one each in Pattaya, Phuket, and Chiang Mai.
Key market advantages include:
- Proposed gaming tax rate of 17%
- Lower operating expenses compared to Singapore
- Strong tourism infrastructure
- Projected EBITDA margins of 40-50%
- Estimated annual EBITDA of $4.1 billion
Industry experts expect Thailand's first casino hotels could open within 5-6 years, following Singapore's efficient development model from two decades ago.
For comparison, Singapore's two integrated resorts - Marina Bay Sands and Resorts World Sentosa - generated $5.11 billion in GGR during 2023, their best performance since the pandemic. While Thailand's projected higher revenue would come from more venues, Singapore's existing properties remain among the world's most profitable integrated resorts.
Thailand's commitment to efficiency and operator-friendly regulations positions it as an attractive market for major gaming companies seeking new growth opportunities in Southeast Asia.
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