Galaxy Entertainment Group is contemplating a multi-billion dollar investment in a proposed casino and entertainment complex in Bangkok.
Based in Macau, the group owns several casinos in the Chinese city.
Kevin Clayton, Chief Brand Officer at Galaxy Resorts Thailand, stated that the increase in post-pandemic tourism in Thailand should continue at a similar pace if the growth is organic.
He noted that government plans, such as hosting Formula One and developing an entertainment complex, indicate an ambition to capitalize on tourism, with foreign arrivals potentially growing from 36 million to 50 million. This could elevate targeted revenue from 3 trillion baht to 5 trillion baht, contributing 30% to GDP, up from the current 20%.
“To achieve this level of growth, significant investment in key attractions is necessary to entice both returning travelers and newcomers. We are interested in Bangkok, which deserves a truly iconic complex,” remarked Mr. Clayton.
He pointed out that of the hotel guests in Thailand, only 15% stay more than two nights at a single hotel, including those in Bangkok.
In light of the strong opposition to the entertainment complex bill, which led to the cabinet postponing discussions on the agenda last week, Mr. Clayton emphasized the need to properly address social issues if gambling is to be legalized.
“The inclination towards gambling in Thailand is quite high, with 99% of people knowing someone who gambles, 60% participating in gambling themselves, and 30% engaging in online gambling, despite its unregulated and illegal status,” he explained.
Mr. Clayton argued that keeping these activities underground has hindered the resolution of certain social problems due to a lack of intervention and support systems that the entertainment complex industry could provide.
“The entertainment complex sector is highly regulated. You would be hard-pressed to find a more regulated environment regarding customer acquisition, responsible gambling, and anti-money laundering,” he stated.
Mr. Clayton indicated that the group is not only planning to bring substantial investments to the project but also aims to collaborate with regulators to prevent money laundering and effectively manage gambling-related issues. He expressed a desire to create a collective initiative to implement intervention and education programs.
