Economic expert: Thailand could become Asia’s third-largest gambling market

Bo Bernhard, economic development vice president at the University of Nevada, Las Vegas (UNLV), believes a legal gambling framework in Thailand would see the nation surpass revenue figures reported by many international industry competitors. 

Speaking to The Bangkok Post, Bernhard explained that Thailand requires no more than two retail gambling establishments to overtake several Asian markets.

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Moreover, the industry expert predicts that Thailand’s capital, Bangkok, holds the potential to outperform Singapore’s entire gambling infrastructure, citing the quality of the city’s transport links and facilities: “Bangkok has a critical mass of infrastructure. It has a world-class airport. Bangkok alone, with two resorts, can surpass Singapore and become one of the largest gaming destinations in Asia.”

As things stand, Singapore is Asia’s third-largest gambling market.

Having studied the fledgling Singaporean market and consulted with the nation’s tourism board in the early 2000s, Bernhard is well-versed in the efforts undertaken by government officials to establish a legal gambling structure. 

Now, the UNLV’s leading economy analyst points to significant similarities between both Asian countries – with Thailand’s potential far outshining that of its northern counterpart. 

An International Responsible Gaming Alliance Founder, Bernhard outlined to reporters that foreign corporations seeking business partners in Thailand are more likely to deepen domestic investment — both personal and trade-wise — if a proposal for entertainment complexes comes to fruition. 

Thailand’s current main political power stems from the Pheu Thai Party, led by Paetongtarn Shinawatra. Motivated by successes in nearby Asian territories, the group have set out motions for a legal gambling framework. Bernhard operates as an unofficial advisor to the party.

Known as the ‘entertainment complex bill’, this proposal seeks to establish retail venues comprising gambling facilities. However, significant pushback from opposition parties, organisations and the general public has delayed the government scheme. It is argued that limited regulations will allow for prevalent gambling harm and criminal activity. 

Bernhard shares the fears of those concerned about a potential lack of regulation – explaining that “serious operators” favour markets overseen by legitimate regulatory authorities: "The serious operators think Thailand is interesting and attractive. Serious operators want the strengthening of law. You want world-class operators who want strict gaming operations like an anti-money laundering law or know-your-customer law.

"They want to watch the dollars legitimately spent, counted and taxed, to make sure it's clean. The enforcement must be strict.”

Recent estimates signify that Thailand may enjoy a 10% tourism boost, offer thousands of employment opportunities and land up to £800m in annual revenue if the proposed gambling infrastructure goes ahead.

Despite these positive projections, Bernhard asserts that Thailand must strike while the iron is hot: “This is the first time in history when more than 50% of the global population are middle class or above. In 10 years, two-thirds will be middle class.

“In the next 50 years, that number’s only going up. And if Thailand becomes stagnant it will lose out in the face of regional competition.”

While public-facing surveys purveyed and discussed during parliamentary sessions have highlighted mixed sentiments towards the project, the government is preparing to revive discussions on the entertainment complex bill in July.