Daily Asia Gaming eBrief: Thai casinos could contribute to 1% of GDP

Wednesday 10th of April 2024

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Good Morning. Thailand is moving at warp speed with expectations that casino complexes could open as early as 2029. Analysts are estimating annual revenues could contribute up to 1 percent of GDP, at over $5 billion, but might detract from overall tourism and might not benefit hotel properties. Meanwhile, Melco Resorts' latest notes offering should help it keep its debt under control and improve its leverage as the gaming market in Macau continues to recover. Meanwhile, Indian authorities investigate companies based in Malta, Curacao and Cyprus after a massive money laundering scandal was uncovered.

What you need to know

Maybank: Thai entertainment complexes featuring casinos could yield $5.14 billion in annual revenue, roughly 1 percent of Thailand's GDP.
Brokerages: Melco Resorts & Entertainment senior notes should help repay debt, could see FY24 EBITDA of $1.3 billion.
Indian authorities investigate Malta, Curacao and Cyprus-based companies over alleged links to money-laundering syndicate.

On the radar

Macau lawmakers confirm non-profit mahjong play as legal.
CCC to decide on IPI casino license as negotiations continue.
Share of tourists from ASEAN exceeded pre-COVID, while China lags behind.
PH Bureau of Immigration ups blacklist for illegal online gambling hubs.
Christchurch gambling venue manager pleads guilty to six figure theft.

AGB Intelligence

THAILAND

Casinos could contribute 1% of GDP, unlikely to boost hotels

Analysts at Maybank note that Thailand's proposed taxation rate of 17 percent is highly competitive, compared to other nearby gaming regions, and that casino entertainment complexes could contribute up to 1 percent of GDP, or roughly $5 billion annually. Expectations are for the properties to begin opening in 2029, ahead of Osaka, if quickly passed through the legislature. However, hotels are unlikely to benefit and certain questions exist over whether the properties will actually boost tourism.

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