Integrated resorts (IRs) in Bangkok, Thailand have the potential to generate between $2.5 billion and $3 billion annually, with the figure possibly reaching $5 billion, according to a report by JP Morgan. The analysis attributes much of this potential revenue to the influx of foreign tourists.  

The investment bank’s report highlights Bangkok’s access to three key demographics that will drive the financial success of these entertainment complexes: local patrons in the city, regional Thai patrons from outside Bangkok, and international tourists.   

Casinos expected to dominate revenues  

Although casinos are expected to occupy only about 5 percent of the total floor space in these entertainment complexes, JP Morgan’s analysis predicts that they will contribute over 90 percent of the total revenue. Furthermore, it is estimated that over 50 percent of this revenue will come from foreign tourists.     

JP Morgan’s report compares the potential of Bangkok’s integrated resorts to Singapore’s, noting that the two cities share similar population and urban characteristics. However, the bank acknowledges key differences that could affect Bangkok’s revenue generation. Thailand offers a broader range of tourist attractions than Singapore, which may result in lower conversion rates of tourists and locals into casino patrons.  

Additionally, the report highlights that Thai locals generally have lower income levels compared to Singaporeans, which could reduce local spending. With Thailand likely to impose a higher entrance fee for locals, this could also impact the penetration rate of local patrons visiting casinos. Despite these challenges, JP Morgan views Singapore as a valuable benchmark for Bangkok, given its successful integration of casinos within its broader entertainment and tourism sectors.  

Casino legislation and international interest  

A draft casino bill is currently under discussion in the Thai parliament. The Thai government has expressed interest in attracting international investment to develop these entertainment complexes, offering operators 30-year licences. International gaming giants such as Las Vegas Sands, MGM Resorts, Wynn Resorts, and Galaxy Entertainment Group have already expressed interest in entering the Thai market.