Thailand’s entertainment complex project: the race is on
Five of the largest casino concerns said to be interested in investing in the project should the Entertainment Complex Act become law
At least five major global casino companies have expressed interest in investing in Thailand's entertainment complex project, which is being pushed hard by the government. Now in the draft bill stage, the Entertainment Complex Act, if approved, will pave the way for legal casinos in Thailand.
The major players looking for a piece of the action are Las Vegas Sands Corporation, Wynn Resorts, Caesars Entertainment, MGM China Holdings Limited, and Hard Rock Cafe. All five have been in contact with various government agencies and are coordinating with major Thai conglomerates to explore investment opportunities.
So far, the investors have no issues with the conditions set by the government, such as the requirement for operators to be limited or public companies registered in Thailand with a paid-up capital of no less than 10 billion baht. The license duration is 30 years, renewable for up to 10 years at a time, with a license application fee of 100,000 baht, an initial license fee of 5 billion baht, and an annual fee of 1 billion baht.
Nor have the five contenders expressed concern at the requirement that the entertainment business must include at least four types of entertainment other than the casino listed in the appendix of the Entertainment Complex Act. Their view is that only 10-20% of the complex's area would be used for the casino, yet it would generate 80% of the total revenue.
However, there is disagreement with the government’s plan to designate specific areas for the establishment of entertainment complexes through a royal decree. Preliminary discussions indicate that five locations across different regions will be specified. The investors believe that they should be allowed to select the locations themselves to better suit their business needs.
Las Vegas Sands Corporation is a global leader in the resort and casino industry. It was founded in 1988 by Sheldon Adelson, beginning with the purchase of the Sands Hotel in Las Vegas for $128 million. Now a business empire valued at over $30 billion, it is behind The Venetian in Las Vegas, considered the model for integrated resorts.
Founded in 2002 by Steve Wynn, Wynn Resorts develops and operates luxury casino resorts that blend gambling with entertainment and leisure.
Caesars Entertainment is one of the largest casino and entertainment companies in the world, with a history spanning over 80 years. It was founded in 1937 in Reno, Nevada and now owns more than 55 properties across 16 US states and four countries, including famous brands like Caesars Palace, Harrah’s, and Horseshoe.
MGM China Holdings Limited was established in 2004 through a joint venture between MGM Resorts International and Pansy Ho, the daughter of Macau casino magnate Stanley Ho.
Hard Rock International, known for its Hard Rock Cafe brand, also operates casinos in several countries around the world. Hard Rock was founded in 1971 in London by Isaac Tigrett and Peter Morton, with the initial concept of creating a casual restaurant that served authentic American cuisine. Today, it can be found in 180 locations in 74 countries. In 2007, the Seminole Tribe of Florida acquired the entire Hard Rock business.
