financetom
Business
financetom
/
Business
/
Casinos could be game-changer for Thailand's tourism industry, Agoda CEO says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Casinos could be game-changer for Thailand's tourism industry, Agoda CEO says
Nov 9, 2024 11:13 AM

By Chayut Setboonsarng

BANGKOK (Reuters) - Casinos and related attractions would significantly boost foreign arrivals to Thailand, a top executive at the Asia-focused online travel agency Agoda said on Wednesday, as the tourism-reliant country moves closer to legalising gambling.

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 legalise 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 neighbours, 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.

Agoda is based in Thailand and Singapore and is a unit of the online travel giant, Bookings Holdings.

($1 = 34.1200 baht)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Qualcomm Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Qualcomm Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
May 25, 2025
QUALCOMM Incorporated ( QCOM ) will release earnings results for the second quarter, after the closing bell on Wednesday, April 30. Analysts expect the Santa Monica, California-based company to report quarterly earnings at 4 cents per share, up from 3 cents per share in the year-ago period. Qualcomm ( QCOM ) projects to report quarterly revenue at $1.35 billion, compared...
BRIEF-Tether Says It Acquires 70% Stake In Adecoagro
BRIEF-Tether Says It Acquires 70% Stake In Adecoagro
May 25, 2025
April 30 (Reuters) - * TETHER: ACQUIRES 70% STAKE IN ADECOAGRO Source text: https://tinyurl.com/3xxjbe3r Further company coverage: ...
Preview: Kandal M Venture Limited Set To IPO Tomorrow
Preview: Kandal M Venture Limited Set To IPO Tomorrow
May 25, 2025
Kandal M Venture Limited IPO will take place May, 01 on the NASDAQ exchange under the ticker FMFC. The company is offering shares at an expected price between $4.00 and $5.00 per share with an insider lock-up period of 180 days ending on October 28, 2025. See also: Benzinga IPO Calendar About Kandal M Venture Limited Kandal M Venture Limited...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved