Thailand could become the world's third-largest gambling market

According to a new report from Citigroup's Super Sector, Thailand is on the verge of becoming a major player in the global gambling industry. The country is projected to surpass Singapore and emerge as the third-largest market in terms of gross gaming revenue (GGR).
The report, authored by analysts George Choi and Prinapa Detchri, estimates that Thailand's GGR could reach $9.1 billion (approximately 891.39 billion rubles) once the market is fully developed. This would position Thailand behind only Macau and Las Vegas in the global rankings. The forecasts are based on the assumption that the government will issue two licenses for casinos in Bangkok, along with one each in Pattaya, Chiang Mai, and Phuket.
Thailand's proactive approach to legalizing gambling is seen as a crucial factor driving the rapid expansion of the market. Citigroup anticipates that the remaining procedures will be effectively managed at the national level, with the process likely to be completed by mid-2025.
The development of entertainment complexes is expected to significantly benefit Thailand's tourism and construction sectors. Companies such as Airports of Thailand, Minor International, and Central Plaza Hotel have been identified as potential beneficiaries due to their strong presence in the sector. Notably, the U-Tapao consortium has expressed interest in integrating an entertainment complex into its Airport City project in the Eastern Economic Corridor.
The report emphasizes the long-term impact of gambling legalization in Thailand on the global industry, although it may take at least six years for these entertainment complexes to become fully operational.
It is worth noting that a casino resort bill is expected to be presented in Thailand by the end of 2024.