The comments were made on Monday during the latest instalment of the FRC/MBtv Debates series, jointly organised by Macau Business magazine and the Rui Cunha Foundation.

The event, named “Higher Stakes: Macau’s Gaming Industry amid Rising Regional Competition,” brought together Ben Lee, Managing Partner, IGamiX; José Duarte, Economist and Macau Business Senior Analyst; Niall Murray, Chairman, Murray International (Macau); Rosalind Wade, CEO of Winna Media; and was moderated by José Carlos Matias, Director of Macau Business and Macau News Agency.

The present experts delved into the potential of a possible Thailand gaming market and its impact on the Macau SAR.

Winna Media recently organized the first Thai Entertainment Complex Summit and published a Thai Gaming 2025 Roadmap White Paper, with CEO Rosalind Wade noting that while progress is encouraging, the timeline remains uncertain.

Although the draft bill to allow integrated resorts (IRs) in Thailand has passed an initial hurdle, it still awaits submission to Thailand’s Cabinet and subsequent parliamentary debate.

“We’re in a sort of holding pattern at the moment,” Wade said. “The earliest vote could happen by July, but even then, it would require three readings in the House and passage through the Senate before reaching the King.”
Still, the prospect has stirred intense interest — and some nerves — across Asia’s gaming industry. Wade pointed out that regional competitors are watching closely.

“Macau will always have its place, attracting Chinese gamblers. But Thailand is a whole different matter,” she said, adding that a diversified tourism base, including visitors from Southeast Asia, Europe, and beyond, could make Thailand a formidable player.

Yet challenges loom. Wade cautioned against betting too heavily on Chinese patrons. “We don’t know if Thailand’s law will even allow Chinese tourists to gamble easily under current provisions. The regulations are quite onerous.”

Instead, she suggested Thailand might tap other growing markets, including India. “Nobody talks much about the Indian market, but I think it’s huge,” Wade said. “Thailand has a much better opportunity to attract Indian tourists, among others.”

A defensive move

Ben Lee, Managing Partner at IGamiX Management & Consulting, emphasized that major operators see Thailand as both an opportunity and a necessity. “It’s a defensive move as much as an offensive one,” Lee said. “If you’re not there, you risk losing market share to competitors who are.”

Among the likely contenders, Lee highlighted Sands due to its global reputation, though he warned that “dealing with the vagaries of Thai politics” could be tricky. He also named Melco Resorts & Entertainment as a strong candidate, praising its success in developing non-gaming entertainment offerings across Macau, Cyprus, and soon Sri Lanka.

The Thai government’s current thinking reportedly envisions between three and five licenses, potentially split among Bangkok and provinces like Chonburi and Chiang Mai.

Long-awaited dream

Niall Murray, Chairman of Murray International in Macau, said Thailand’s efforts to legalize gaming have been years in the making.

“Very large conglomerates have been working toward this since at least 2008,” Murray explained. “Back then, the Prime Minister even flew a casino architect around Thailand, picking out potential sites.”

He pointed to past proposals, such as turning a former downtown shipyard into an 835-hectare IR strip, and noted that infrastructure investments — like high-speed trains connecting three major airports in the Eastern Economic Corridor — are laying the groundwork.

“Once the law is passed, actions will come very rapidly,” Murray said. “Some of the biggest families and corporations in Thailand already have well-developed plans.”

Among possible projects is an IR integrated with world-class medical tourism facilities, backed by the Bumrungrad Hospital conglomerate, reflecting Thailand’s ambition to offer diversified attractions beyond gaming.

Regional implications

Wade stressed that much depends on how the Thai government manages public sentiment and opposition factions.

“There’s been a lack of communication on the vision for these entertainment complexes,” she said. “They need to win the public over if they want to move forward.”

Still, the regional implications are undeniable. Lee argued that if Thailand adds gaming to its already massive tourism engine — which generated $47 billion last year without casinos — it could quickly become the world’s second-largest gaming jurisdiction, surpassing Las Vegas and threatening Macau.

“Thailand has over 700,000 hotel rooms,” Lee said. “Imagine if they turbocharge tourism with a few casino licenses — it would be phenomenal.”

Macau’s challenges

“Thailand is miles ahead of Macau in terms of diversified tourism,” Murray said, noting that Thailand’s resilience against fluctuations in individual source markets puts it in a much stronger position. “Macau is overly dependent on mainland China,” Murray said. “Thailand, on the other hand, can afford to lose one market and still thrive.”

José Duarte, Senior Analyst at Macau Business, noted that Macau’s tourism offering remains narrowly focused and ill-prepared for diversified global competition. “Macau still caters mostly to mainland Chinese day-trippers,” Duarte said. “The city lacks attractions that encourage visitors to stay longer. It’s not an easy or pleasant city to travel around for many tourists.”

Comparisons with Singapore — often held up as a model — may be misleading, he added. “Singapore is a totally different kind of beast, with built-in restrictions. Thailand, by contrast, has space, a vast tourism base, and likely fewer constraints.”

However, Lee still raised a final, critical point: how Chinese authorities perceive Thailand’s ambitions.

“Last year, China issued warnings against citizens gambling in Singapore,” he noted. “This year, similar warnings were given about Thailand.”