Casinos could be game-changer for Thailand's tourism industry, Agoda CEO says

Thailand is planning to develop its first large scale "entertainment complex" that will include a casino, in its latest push to create jobs and draw in more tourists and investment.

"It's the experience around gambling - think about Macau and Vegas, usually it comes with crazy shows, food and amazing hotels," Agoda chief executive, Omri Morgenshtern, told Reuters.

Amusement parks, museums and activities for children were also important, he said, referring to Singapore's Marina Bay Sands as an example.

Casinos also do not have seasonality and can boost visitor numbers in the low season, Morgenshtern added.

Tourism is a crucial driver of Southeast Asia's second-largest economy, which has seen 29% more foreign arrivals in the first 10 months of this year compared to the same period of 2023.

In Thailand, only some gambling is permitted, such as state-controlled horse races and on an official lottery, but underground activity is rife. Previous attempts to legalize gambling have hit walls, with conservative and public opposition to opening casinos.

The government has argued the absence of legal casinos in Thailand means the country is missing out on state revenue and a significant boost in tourism.

Thailand's neighbors, Cambodia, Singapore, the Philippines, Laos and Myanmar have benefited from large casino complexes.

In 2019, Thailand booked a record 39.9 million foreign arrivals who generated 1.91 trillion baht ($55.98 billion) in revenue.

The government is targeting foreign arrivals of 40 million next year and 3.4 trillion baht in tourism revenue, a target Morgenshtern said Thailand could reach if global travel demand remained healthy.