Entertainment <\/p>\n
Former Thailand Prime Minister Paetongtarn Shinawatra was chief supporter of the kingdom\u2019s Entertainment Complex Bill, which now has an uncertain future.<\/strong><\/p>\n Thailand\u2019s road to a legal casino industry, always marked by setbacks, may have hit a dead end. <\/p>\n Since its introduction last year, the country\u2019s Entertainment Complex Bill<\/a> has faced widespread opposition, including multiple demonstrations<\/a> outside Government House in Bangkok. Critics like Peoples Party MP Parit Wacharasindhu accused the ruling coalition of pushing the bill with little public input and insufficient attention to regulations.<\/p>\n Competing polls led to contradictory results<\/a>. A\u00a0January poll<\/a> reported that many Thai residents opposed legal casinos, fearing they would cause gambling addiction and crime. A subsequent survey by the Thailand\u00a0Fiscal Policy Office<\/a> countered that 80% of respondents were enthusiastic about the plan, designed to boost tourism and foreign investment.<\/p>\n The interest was certainly there. Galaxy Entertainment, MGM Resorts International, the Las Vegas Sands Corporation, Wynn Resorts and Melco Resorts & Entertainment were potential suitors, drawn by the prospect of up to THB291 billion (US$9 billion) in annual gross gaming revenue.<\/p>\n The bill passed in the cabinet in March and headed to parliament for review, with expectations that the bidding would begin in 2026. Then Prime Minister Paetongtarn Shinawatra, head of the Pheu Thai Party and chief supporter of the bill, made a fateful phone call.<\/p>\n The young prime minister, who took office in August 2024, was seen by some as the puppet of her father, billionaire and former prime minister Thaksin Shinawatra, also a supporter of the casino bill.<\/p>\n Although Paetongtarn withstood a no-confidence vote in March, she could not survive the political scandal that followed. In May, the Thai army faced off with Cambodian forces along disputed territory at the border<\/a>. Gunfire erupted, causing the death of a Cambodian sergeant. In the aftermath, both sides took retaliatory action, suspending trade and limiting cross-border travel.<\/p>\n In June, Paetongtarn phoned ex-Cambodian prime minister Hun Sen. In a recording released to the public by Hun Sen himself, she addressed the strongman as \u201cuncle\u201d and seemed to take his side over one of her own military commanders.<\/p>\n The outcry was immediate and decisive. The prime minister was suspended and the casino legislation she supported was pulled from the parliamentary agenda. In a 6-3 vote on Friday, the Thailand Constitutional Court removed Paetongtarn from office. It ruled that her actions caused \u201cgrave damage\u201d to the office of the premier and deepened public distrust of their leaders.<\/p>\n MGM boss Bill Hornbuckle has called Thailand \u201can amazing marketplace\u201d that would be \u201ccheap to build \u2013 35 cents to 40 cents on the dollar \u2013 and even cheaper to operate. \u2026 I think the margin in that business would be pretty extensive.\u201d<\/p>\n Likewise, Melco Resorts & Entertainment chief Lawrence Ho has described the market as \u201ca generational opportunity\u201d.<\/p>\n That may not matter now, given the history of political turmoil in Thailand, says Brendan Bussmann, head of gaming consultancy B Global. In his view, resurrection of the casino bill \u201cseems dim\u201d at this point. <\/p>\n \u201cThere have been three prime ministers [in Thailand] in the course of 18 months,\u201d says Bussmann. (Paetongtarn\u2019s predecessor, Srettha Thavisin<\/a>, also served a single year, and also was removed for ethics violations.)<\/p>\n Such rapid turnover \u201cdoesn\u2019t show stability, a hallmark of any strongly regulated gaming market, especially one that commands the level of investment that would boost tourism\u201d, Bussmann adds. According to the bill, each would-be operator would have to demonstrate registered capital of THB10 billion and make a minimum investment of THB100 billion. <\/p>\n Some critics have griped that a strict gaming regulatory framework seemed less important to Thai lawmakers than speed to market. Advocates hoped Thailand\u2019s first casino resorts would open in 2029, a year before MGM opens the first integrated resort in Japan. That scenario is unlikely now. <\/p>\n \u201cThat regulatory piece was always the most fundamental component to getting this to work in Thailand,\u201d Bussmann says. \u201cIf you can still figure that out and get consensus among the various parties, you might still get there.<\/p>\n \u201cNever say never,\u201d he adds. \u201cBut that\u2019s a very tall order.\u201d<\/p>\n<\/p><\/div>\n\u2018Grave damage\u2019 to the public trust<\/h2>\n
Now what?<\/h2>\n