A Thai government official at the centre of the country’s push to introduce casino resorts has been cited saying more than four major foreign investors have already scheduled meetings with the authorities there.
Julapun Amornvivat, deputy finance minister, gave the information on Monday, mentioning talks had taken place already with Wynn Resorts Ltd and MGM Resorts International, according to a news report in the Bangkok Post.
On Friday, The Nation news outlet had carried a picture of Mr Julapun meeting with Wynn Resorts Ltd. On Tuesday, pictures circulated of Ed Bowers, president of global development at MGM Resorts, attending a meeting said to be with Mr Julapun. According to the Bangkok Post, the MGM Resorts meeting took place on Monday.
Two more operators were expected to engage in talks soon with the government, Mr Julapun said, as quoted by the media outlet. Neither firm was identified in the report.
The Bangkok Post’s story cited Mr Julapun as saying: “We are now signalling clearly that we are open to discussions with investors, especially as we move forward with drafting legislation and seek to attract over THB100 billion [US$3.01 billion] in investment.”
As of December, a draft version of an enabling bill for “entertainment complexes”, each with a casino, had mentioned each would require at least THB100 billion in investment.
The Bangkok Post’s piece cited the deputy minister indicating the Thai government was not targeting what the news outlet termed “small or unprepared investors,” due to concerns over regulatory enforcement, and ensuring there were robust measures against “gambling addiction” and money laundering.
“Wynn and MGM Resorts share the same view as us,” Mr Julapun was cited as saying. “They are interested in investing in Thailand and believe our legal framework is quite solid, especially regarding money laundering and gambling regulation.”
Wynn Resorts is the parent of Macau casino operator Wynn Macau Ltd. The parent is currently building with local partners a United Arab Emirates resort with development costs put at US$4.6 billion.
Craig Billings, chief executive of Wynn Resorts, said in February at the time of the group’s fourth-quarter 2024 earnings call, that any Thailand investment would be via the parent.
MGM Resorts, by contrast, has suggested that a Thailand effort might be via its majority-owned Macau-operations unit, MGM China Holdings Ltd.
Mr Bowers is presently leading the parent’s involvement in the JPY1.27-trillion (US$8.77 billion currently) MGM Osaka project in Japan, being developed with local partners, and due to open in 2030.
Thailand’s The Nation outlet reported on Monday comments from deputy minister Mr Julapun defending that country’s casino legalisation push against domestic criticism it could tarnish the country’s reputation.
On May 9, Sethaput Suthiwartnarueput, governor of the Bank of Thailand, had during a session with the media, mentioned risks associated with casinos, suggesting they could create a perception of the country as a “grey” market.
In the report in The Nation, Mr Julapun specifically addressed the “grey” issue, asking rhetorically if casino jurisdictions such as the United States, Singapore and Japan, would be similarly labelled.
The Nation’s report said what it termed the “ambitious target” of the Thai government was to break ground on construction of entertainment complexes there within three years.
