Galaxy Entertainment Group Eyes Multi-Billion Dollar Investment in Bangkok Casino Complex
The Macau-based gambling giant plans to invest significantly in Thailand's tourism sector amidst government initiatives to bolster foreign arrivals and economic growth.
Galaxy Entertainment Group is contemplating a substantial investment in a proposed casino and entertainment complex in Bangkok, Thailand.
The company, which is headquartered in Macau and operates several casinos in the region, views this venture as a strategic move to capitalize on Thailand's post-pandemic tourism recovery.
Kevin Clayton, chief brand officer at Galaxy Resorts Thailand, indicated that the steady increase in tourism is expected to continue, supported by government initiatives such as plans to host Formula One events and the development of an entertainment complex.
These efforts aim to boost foreign arrivals from 36 million to 50 million, potentially augmenting targeted tourism revenue from 3 trillion baht to 5 trillion baht.
This growth could also increase the tourism sector's contribution to Thailand's Gross Domestic Product (GDP) from 20% to 30%.
Clayton emphasized the need for significant investments in key attractions to draw both returning and first-time visitors to the country.
He noted that Bangkok, in particular, deserves a world-class complex to enhance its appeal.
An interesting statistic pointed out by Clayton is that only 15% of hotel guests in Thailand stay longer than two nights at a single hotel, which underscores a potential market for developing tourist attractions.
Despite the optimistic outlook, the proposal for the entertainment complex faces stiff opposition.
The Thai cabinet recently postponed discussions on the agenda, indicating that social issues surrounding legalized gambling need to be adequately addressed before proceeding further.
Clayton shared insights into the gambling landscape in Thailand, revealing that approximately 99% of people in the country know someone who gambles, and around 60% have participated in gambling activities themselves, with 30% engaging in online gambling, which remains unregulated and illegal.
He argued that the underground nature of these activities has exacerbated certain social problems, as there is a lack of intervention and support structures.
He contended that a regulated entertainment complex could offer a framework for responsible gambling practices and social support.
In his statements, Clayton assured that Galaxy is committed to creating a heavily regulated environment in its operations, prioritizing responsible gambling, customer acquisition protocols, and anti-money laundering measures.
The company also aims to collaborate with regulatory bodies to address gambling-related issues and develop educational programs to promote responsible gambling among individuals.
The company, which is headquartered in Macau and operates several casinos in the region, views this venture as a strategic move to capitalize on Thailand's post-pandemic tourism recovery.
Kevin Clayton, chief brand officer at Galaxy Resorts Thailand, indicated that the steady increase in tourism is expected to continue, supported by government initiatives such as plans to host Formula One events and the development of an entertainment complex.
These efforts aim to boost foreign arrivals from 36 million to 50 million, potentially augmenting targeted tourism revenue from 3 trillion baht to 5 trillion baht.
This growth could also increase the tourism sector's contribution to Thailand's Gross Domestic Product (GDP) from 20% to 30%.
Clayton emphasized the need for significant investments in key attractions to draw both returning and first-time visitors to the country.
He noted that Bangkok, in particular, deserves a world-class complex to enhance its appeal.
An interesting statistic pointed out by Clayton is that only 15% of hotel guests in Thailand stay longer than two nights at a single hotel, which underscores a potential market for developing tourist attractions.
Despite the optimistic outlook, the proposal for the entertainment complex faces stiff opposition.
The Thai cabinet recently postponed discussions on the agenda, indicating that social issues surrounding legalized gambling need to be adequately addressed before proceeding further.
Clayton shared insights into the gambling landscape in Thailand, revealing that approximately 99% of people in the country know someone who gambles, and around 60% have participated in gambling activities themselves, with 30% engaging in online gambling, which remains unregulated and illegal.
He argued that the underground nature of these activities has exacerbated certain social problems, as there is a lack of intervention and support structures.
He contended that a regulated entertainment complex could offer a framework for responsible gambling practices and social support.
In his statements, Clayton assured that Galaxy is committed to creating a heavily regulated environment in its operations, prioritizing responsible gambling, customer acquisition protocols, and anti-money laundering measures.
The company also aims to collaborate with regulatory bodies to address gambling-related issues and develop educational programs to promote responsible gambling among individuals.
