Thailand is working on a new game plan to boost foreigner arrivals and increase tourism spending: casinos.
The strategy has worked for Macao — which has overtaken Las Vegas as the world's largest gambling hub — and Singapore, with two successful 14-year-old casinos.
If Thailand's draft bill gets passed into law, the country could be Macao and Singapore's largest competitor by the end of the decade, industry watchers told CNBC.
If the law gets passed, Thailand's casinos could generate 187 billion Thai baht ($5.5 billion) in revenues, or 1% of the country's GDP, according to Maybank research.
The Thai economy grew 1.9% in 2023, and is expected to grow 2.7% this year, the finance ministry said.
Persons:
Ben Lee, —, Lee, Srettha Thavisin, Paetongtarn Shinawatra, Yin Shao Yang
Organizations:
Macao, Las Vegas, CNBC, IGamiX Management, Consulting, Tourism, Thai, Investment Bank
Locations:
Pattaya, Thailand, Singapore, Macao, Macau