Thailand's plans to become Asia-Pacific's next gaming market could take revenue away from existing competitors such as Malaysia and Singapore.
This is the call of Maybank IB Research.Thailand's casino resorts not only revitalize the country's tourism industry, but also point out that some Chinese tourists may visit the Southeast Asian country more than Malaysia or Singapore.They added that the latter is more vulnerable than the former.
タイがIRを自由化すれば、多くの中国人がシンガポールのIRではなく、タイのIRを訪れると予想される。タイは現在IRがなくても、すでに中国人観光客に非常に人気がある」とMaybankのアナリストSamuel Yin Shao Yang氏は最近のレポートに書いている。Thai policy makers are considering regulating casino gambling in their country to attract more tourists and curb black-market gambling.However, it will be some time before a final decision is made on the matter, and it will be years before the integrated resorts open.
Operators interested in Thai casinos
Thailand has a reputation as a popular tourist destination in the Asia-Pacific region, so it's no surprise that some gaming giants are already interested in the country.
Las Vegas Sands recently confirmed its membership, and MGM Resorts International and others are believed to be eyeing the country as well.Assuming Maybank's predictions about Singapore's potential vulnerability to Thailand's integrated resorts are accurate, Sands' Thai design suggests the company plans to build Marina Bay Sands, one of the city-state's two casino hotels. Since it operates, it is more realistic.
Maybank noted that foreign tourists accounted for 2019% of visitors to Marina Bay Sands and Resorts World Sentosa in 75, the final year before the coronavirus outbreak. bottom.As such, the research firm estimates that as much as 2019% of the total gaming revenue (GGR) generated by these two establishments from Chinese tourists in 2 could be at risk.That is, if Thailand has an equivalent gaming facility.
Yin said, “If Thailand goes ahead with the liberalization of the IR industry, I think there will be more Malaysians and Indonesians visiting the Thai IR than the Singapore IR because of the deep personal and commercial ties between the three countries.” I anticipate it," he added.
Why Thai Casinos Matter
As Sands CEO Rob Goldstein said in last month's Q4 earnings conference call, Japan has seen little movement on the gaming side, and South Korea is not an attractive market for a big company like Sands. , Thailand remains the most attractive and underdeveloped gaming destination in the Asia-Pacific region.
With Macau closed to new entrants for at least another decade, the Thai authorities have plenty of leverage if they do deal directly with gaming companies.Singapore has been dominated by Marina Bay Sands and Resorts World Sentosa for decades.
US operators are looking to expand geographically, but are demonstrating selectivity to achieve that goal, with Thailand standing out as a logical destination.As such, the Thai government is in an advantageous position for negotiations.
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