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.

The Thai government plans to introduce a revised draft law to the cabinet by the end of 2024, with initial plans for five gaming licenses: two in Bangkok and one each in Pattaya, Phuket, and Chiang Mai.

Key market advantages for Thailand include:

• Strong existing tourism infrastructure
• Proposed favorable 17% gaming tax rate
• Lower operating expenses compared to Singapore
• Potential EBITDA margins of 40-50%
• Projected annual 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 established tourism sector could support higher revenue potential.

Industry experts predict the first Thai casino hotels could open within 5-6 years, with the country's commitment to efficiency mirroring Singapore's successful approach from two decades ago. The favorable regulatory environment and market conditions are expected to attract major global gaming operators to the region.

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