Wynn Entertainment unveils plans for a new integrated resort in Thailand, following their success in the United Arab Emirates.
Bangkok's Potential Billings Resort: A Gamble in the Making
With iGB pointing towards Bangkok as a potential location for the upcoming Billings resort, the question lingers: will Thailand's gambling market be ripe for the pickings? While the appeal of the market is undeniable for the operator, regulatory details are still a mystery. The Thai government's decision to legalize land-based casinos as part of integrated resorts back in March kicked off the ball rolling, and guidelines have since been disclosed.
The regulatory body, with branches scattered across the nation, will be overseen by a Political Committee helmed by the Prime Minister. Licenses are set to be issued for a 30-year stretch, with a hefty €129 million price tag. Operators will also have to fork over €25.8 billion yearly in addition to a 17% tax on GGR. To boost attractiveness, the casinos will only make up a fraction of the overall complex, which must house at least four other forms of entertainment.
As things currently stand, the proposal is under public scrutiny, with experts anticipating Thai resorts to open their doors by 2029. On the other side of the globe, the Wynn resort in the UAE's Ras Al Khaimah is gearing up for a 2027 launch, marking the Middle East's first integrated resort. With a whopping $3.9 billion price tag, construction is well underway, and the towering resort structure already stands tall as the emirate's highest. Wynn Resorts' financial success allows them to tackle such ambitious ventures; for instance, they raked in a stellar $1.73 billion for Q2 this year, an impressive 8.6% increase year over year.
The proposed bill for Thailand's integrated resorts might not see its first reading until July 2025, leaving the details in limbo for now. Although the bill's fate remains uncertain, the potential impact on Thailand's tourism industry is substantial, with experts suggesting the country could become the second-largest gaming jurisdiction globally. The Eastern Economic Corridor's existing infrastructure positions Thailand as an ideal candidate for rapid development. Public sentiment, however, remains divided, with many calling for a referendum on the bill's passing.
Sources:- Alina Shvets, 2023. Meanwhile, Bangkok is considered a potential location for the Billings resort, according to iGB.
Further reading:
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The proposed bill to establish integrated resorts with casinos faces delays and is currently under review, potentially not reaching its first reading until July 2025. The government has identified Chonburi, Chiang Mai, Phuket, and Bangkok as potential locations for the resorts, with Bangkok slated to host two of them. The casino component is considered crucial for the bill's passage, according to a recent poll. The proposed resorts resemble Singapore's integrated resorts, combining casinos, hotels, convention centers, and entertainment venues. The Thai government intends to use profits from casinos to repay investment costs and stimulate the local economy by creating jobs, despite facing substantial public resistance. If successfully implemented, Thailand's integrated resorts are poised to significantly boost the country's tourism industry, potentially emerging as the second-largest gaming jurisdiction globally. The Eastern Economic Corridor's infrastructure is in place to facilitate rapid development. However, public sentiment remains divided, with many advocating for a referendum to decide the bill's fate.
- Despite the potential of Bangkok as a location for the Billings resort, there's curiosity about whether Thailand's gambling market will be ripe for growth given the regulatory details.
- As Thailand's integrated resorts, along with casinos, are under discussion, experts predict they could open by 2029, potentially making Thailand the second-largest gaming jurisdiction globally.
- Simultaneously, in the UAE's Ras Al Khaimah, a Wynn resort is preparing for a 2027 launch, marking the Middle East's first integrated resort with a staggering $3.9 billion price tag.
- In light of the ongoing public consultation, the procedural delays might push the first reading of the proposed bill until July 2025, leaving the future of casinos in Khaimah and other potential Thai locations uncertain.
