Macau’s Galaxy Entertainment Group (GEG) is seeking to participate in the bidding process for an integrated resort (IR) in the country as Thailand expands its gaming market and prepares to legalise casinos.
Goldman Sachs reports that a request for proposal (RFP) is expected to be launched by mid-2025. This information emerged during a meeting between Galaxy management and the investment bank at the APAC Consumer and Leisure Corporate Day on 8th January 2025.
The Macau-based casino operator has long focused on its domestic development, whilst remaining open to opportunities elsewhere. The group recognises Thailand as one of the most popular tourist destinations, according to Buddy Lam Chi Seng, the casino group’s director of corporate affairs.
On its geographic strategy, Galaxy has confirmed plans to focus exclusively on Bangkok, despite Thailand’s proposal to issue five gaming licences across the country, with three locations outside the capital. The company maintains that Bangkok, as one of the world’s leading tourist destinations, offers greater certainty for investment returns.
As per the official figures from Thailand’s tourism authorities, the country welcomed more than 35.54 million foreign visitors in 2024, representing a 26.27 percent increase from the previous year. This growth stems from relaxed entry requirements and new visa exemption policies.
Media reports suggest that the Thai government is evaluating the legalisation of online gaming.
Analysts note this development could present a significant opportunity for operators, with market size estimates ranging from $2 billion to $3 billion, based on the Philippines’ experience with regulated online gaming.
In March 2024, Thailand’s House of Representatives endorsed a parliamentary panel study supporting the establishment of legal casinos within large-scale entertainment complexes to boost tourism. The House committee report suggested each casino resort would require a minimum investment of THB100 billion (£2.2 billion).
The combination of both land-based and online gaming could establish Thailand as a prominent gaming jurisdiction in Asia, with the Philippines being its only major regional competitor offering both services.
And so, as per the Goldman Sachs report, the Macau-based firm, Galaxy could strengthen its bid by forming partnerships with local businesses or companies that have strong regional connections. But, it all depends upon how the Thai authorities legalises casinos.
Galaxy Entertainment projects Thailand’s gross gaming revenue (GGR) could exceed $3-5 billion following casino legalisation. And so, the company is expected to be one of four Macau casino operators believed to have both the interest and financial capacity to invest in Thailand’s casino sector, if the Asian nation approves its entertainment complex legislation.
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