Grand Ho Tram CEO: Potential gaming legalisation in Thailand won’t impact Vietnam

Jenny Ortiz March 21, 2024

Walter Power, CEO of the Grand Ho Tram Resort, said that despite Thailand’s current movement towards legalising gaming, it won’t significantly affect Vietnam.

Power made the statement during a panel discussion at the ASEAN Gaming Summit held in Taguig City, Philippines.

Power suggested that Singapore might be more affected if high-profile players currently traveling from there or Malaysia shift their attention to Thailand.

However, he noted uncertainty regarding whether Thailand will prioritise locals or non-locals.

Power emphasized the four key factors for successful integrated resorts: location, management, branding, and financial strength.

He stressed the importance of a strong local presence, highlighting the success of Macau due to its location in Guangdong Province with a large population.

He contrasted this with Marina Bay Sands in Singapore, which had to adapt its offerings to cater to the Malaysian market.

Vietnam’s tax on gaming a challenge

Regarding regulatory matters, Power discussed the impact of tax rates on gaming income, citing Vietnam’s 35 percent rate as a challenge affecting the operator’s ability to provide player benefits.

He emphasized the interconnection of various factors affecting property effectiveness and highlighted the importance of investment in modernizing gaming facilities, citing the example of upgrading outdated slot machines at Ho Tram Resort.

Thailand inching towards legalising gambling

The Parliamentary Casino Committee of Thailand has finalised a draft bill proposing a 17 percent tax on casino operations.

This move signals a significant step towards the legalisation of casinos in the country, to establish a comprehensive framework for integrated entertainment complexes that combine gaming with various leisure activities.

The proposed legislation is set to be presented to the House of Representatives and is expected to garner strong bipartisan support.

Once approved by parliament, the bill will progress to the Cabinet, where it is anticipated to pass smoothly, in line with Prime Minister Srettha Thavisin’s economic agenda.

The prime minister’s strategy prioritizes the enhancement of tourism and domestic consumption, which are vital components of Thailand’s economic foundation.