Six Major Operators Ready for the Thai Market
Based on IAG’s analysis, six operators are showing a strong commitment to bidding for a license in Thailand:
Galaxy Entertainment Group (GEG):
Highly prepared, GEG has opened a Bangkok office and considers Thailand “one of the most attractive tourist destinations in the world.”
Melco Resorts & Entertainment:
Chairman and CEO Lawrence Ho described opportunities in Thailand as a “generational opportunity” and confirmed the opening of a new office in Bangkok.
MGM Resorts (through MGM China):
CEO Bill Hornbuckle views Thailand as an “amazing market” with the potential for “wide profit margins,” particularly due to lower development and operating costs compared to other markets.
Genting Group (Singapore or Malaysia):
Both Genting Singapore and Genting Malaysia have shown interest, though IAG speculates that ultimately only one may participate in the bid.
Wynn Resorts:
CEO Craig Billings indicated that the company is slowing down expansion plans in Las Vegas to preserve capital for potential investment opportunities in Thailand.
Hard Rock International:
Hard Rock has expressed interest in both Bangkok and Phuket. Executive Ed Tracy said the company’s overall level of interest is “quite high.”
Las Vegas Sands: Enthusiastic but Cautious
Las Vegas Sands is another major player showing enthusiasm for the Thai market. However, IAG cautioned that the company has a history of abruptly withdrawing from Japan’s integrated resort bidding process when conditions did not meet expectations.
Thus, it remains uncertain whether Las Vegas Sands will ultimately participate in Thailand, depending on whether the final legal framework is favourable for investment.
Patrick Dumont, President and COO of Las Vegas Sands, described Thailand’s potential, saying:”Thailand is an incredible tourism destination with highly desirable attributes, amazing culture, fantastic food, and beautiful scenery. It’s a wonderful place to visit, and I believe it has tremendous opportunities to add destination resorts and build a very large industry there.”
Conclusion
IAG’s report concluded that while interest in Thailand’s market may not be as extensive as Japan’s during 2018–2019, when over 20 operators showed interest, the country has still attracted a satisfying number of major global players. Approximately six companies are expected to seriously compete for licenses once the bidding process officially begins.
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