MGM resorts holds hope for Thailand casino project despite setbacks
MGM Resorts remains optimistic about Thailand’s casino legislation despite ongoing delays and public opposition, with CEO Bill Hornbuckle expecting lawmakers to approve the Entertainment Complex Bill by early 2026.
Speaking on a JP Morgan Gaming, Lodging, Restaurant and Leisure Management webcast on 13 March 2025, Hornbuckle acknowledged that progress on the bill had been slower than he had hoped. However, he suggests that the process would not take longer once the legislation is passed.
He noted that if a company is also fortunate enough to secure a licence and develop a substantial project, Thailand would offer strong financial potential. The country’s estimated gross gaming revenue is projected to reach up to 308 trillion baht (€8.36 billion) annually, positioning Thailand as the world’s third-largest gaming market after Macau and Las Vegas.
Thailand ‘an amazing marketplace’
Describing Thailand as “an amazing marketplace,” Hornbuckle emphasised that the country offers a cost-effective environment for casino development. He estimated that building costs would be around 35 to 40 cents on the dollar compared to other markets, making operations significantly cheaper as well.
Several major gaming operators are already positioning themselves for potential entry into Thailand. Melco Resorts & Entertainment has established a Bangkok office, while other interested companies include Galaxy Entertainment Group, Wynn Resorts, Las Vegas Sands Corp, Genting Singapore, and MGM Resorts.
MGM China makes Its move
If MGM secures a licence, the project would likely be managed under the MGM China umbrella. According to MGM Chief Financial Officer Jonathan Halkyard, the balance sheet of MGM China remains “under-levered” in comparison to its operational performance and growth prospects. Halkyard suggested that leveraging MGM China’s financial strength would be an attractive strategy for developing a casino resort in Thailand.
While proponents initially aimed to open Thailand’s first casino resorts by 2029, this timeline now appears unrealistic due to mounting public opposition and concerns from the Council of State, a government advisory body.
The Council has argued that the proposed bill focuses too heavily on gambling rather than entertainment and lacks sufficient safeguards against problem gambling.
Prime Minister Paetongtarn Shinawatra recently suspended the bill’s review following public protests outside the Government House in Bangkok. She stated that the government must first conduct a thorough examination, citing Thailand’s lack of prior experience with legal casino operations.
Calls for a public referendum on the issue are also gaining momentum. Chittawan Chanagul, a gambling researcher at Kasetsart University, suggested that a nationwide vote would be the fairest way to determine the fate of the project, noting that even supporters of the ruling Pheu Thai Party have expressed opposition to legalised casino gambling.
Despite these obstacles, Thailand has identified four potential casino host locations: Bangkok, Chiang Mai, Phuket, and Chonburi. Industry analysts warn that without a well-defined legal and regulatory framework, Thailand risks discouraging major operators from investing.
