Galaxy Entertainment Group has confirmed its interest in pursuing an integrated resort (IR) project only in Bangkok, despite Thailand’s plans to issue around five gaming licences across the country.
The reason cited by Galaxy’s management is that Bangkok is seen as one of the world’s top travel destinations, which would provide itself with "more certainty on its investment return".
This information was disclosed by Goldman Sachs following a roadshow in Singapore earlier last week, where Galaxy’s CFO Ted Chan and senior vice president of investor relations Peter Caveny met with investors.
"They are open to partnering with local businessmen or companies with strong connections and relationships," the report states.
According to previous reports, the Thai government plans to issue five IR licences, including two in Bangkok, and one each in Phuket, Chiang Mai and Pattaya. These licences will be granted for 30 years, with the possibility of renewal for up to an additional 10 years. Gaming taxes are expected to be set at 17 per cent, which is relatively low compared to other gaming jurisdictions, except for Cambodia.
Source: Asia Gaming Brief
