Only six operators likely to bid for Thailand’s casino project, according to report

Thailand’s ambitious move to establish a legal casino industry within large-scale integrated resorts may not generate the level of interest officials had hoped. Research by Inside Asian Gaming (IAG) suggests that only six internationally recognized operators are currently considered likely to bid.

Of 15 operators contacted—those who have either shown interest or are seen as credible contenders—only six are seriously considering a bid. These include three Macau operators, two from the U.S., and one other Asian-based operator.

Several operators immediately ruled themselves out of the running. Others stated they are monitoring the situation but remain focused on their existing ventures for now.

While the final number of bidders could surpass—or fall short of—six, much depends on the strength and clarity of the legislation currently under review. How Thailand’s regulatory framework aligns with global standards, including Nevada’s foreign gaming provisions, will be key in determining whether the country’s casino ambitions can materialize.

A Nida poll also showed widespread concern among Thai citizens about the proposed casino policy. The top worry for 32.60% of respondents is a potential rise in crime and social problems. Another 30.23% doubt the project will bring real economic benefits, while 28.09% are concerned about gambling addiction.

Other issues include the risk of money laundering (24.89%) and fears that casinos could become hubs for powerful figures and criminal groups (24.66%). Additionally, 20.15% question whether the government has measures to address social impacts and 18.55% doubt the casinos will boost tourism.

Many also believe the policy could cause political and social conflict. About 31.83% think it could lead to violence, while 31.68% foresee non-violent disputes. Another 26.49% view it as divisive but unlikely to spark conflict.

Concerns over transparency are also high. Some question the lack of a public referendum and whether the government has properly assessed the project’s economic viability.

IAG also pointed to Japan’s recent experience as a warning. In 2018 and 2019, more than 20 global operators aggressively pursued Japan’s integrated resort opportunity, only to see most walk away disillusioned, with strict regulations and high costs resulting in only one final bidder. Many are cautious about repeating that experience in Thailand.

“Although the potential of Thailand to become one of the world’s largest gaming markets is undisputed, many of those seen as potential suitors have been recently burned by the ‘next hottest thing in global gaming’ – Japan springs to mind – and remain wary of committing to the opportunity until more details come to light,” IAG writes in its deep dive analysis.

Japan showed how governments unfamiliar with large-scale integrated resorts can price themselves out of the market, it noted. 

IAG’s full breakdown of likely and potential bidders will be published in its April 2025 issue.