Royal Turf Club of Thailand Plans Massive Casino Investment
The Royal Turf Club of Thailand, a sports club with ties to the nation’s military and royal family, is reportedly planning a major investment of THB200 billion (approximately US$5.88 billion) in an expansive “entertainment complex,” according to a report published Monday by Thai newspaper The Nation.
Thailand’s Royal Turf Club planning $5.88b casino investment.
LISTEN TO THIS ARTICLE:The project, which has been named Royal Siam Haven, is proposed to include a wide array of luxurious casino resort amenities such as a horse racing track, a six-star hotel, a golf course, a yacht club, upscale dining options, a theatre, a medical tourism hospital, and a “learning centre.” Historically, the club was known for hosting horse racing events at a site in Bangkok.
Memorandum of Understanding Signed with Investors
Patvee Surin, a spokesperson for the Turf Club, confirmed to a company affiliated with the Nation Group that a memorandum of understanding had been signed with potential investors, as reported by the news outlet.
While the exact location of the complex has not been disclosed, the report, citing the club representative, noted that the development would “cover a vast area.”
The Nation also highlighted that the Royal Turf Club is part of a group comprising five international and four Thai investors interested in building entertainment complexes across Thailand.
The report also mentioned that Thansettakij, another media branch of the Nation Group, had previously reported on similar plans by other major local players such as U-Tapao International Aviation Co Ltd (UTA), Charoen Pokphand Group Co Ltd (CP Group), and The Mall Group.
UTA’s proposed complex aims to support the expansion of the Eastern Economic Corridor and U-Tapao Airport. Meanwhile, CP Group is planning a development in Bangkok’s Makkasan area, aligned with the corridor’s high-speed rail project connecting the city’s three major airports: Don Mueang, Suvarnabhumi, and U-Tapao.
The Mall Group’s project is part of a THB50-billion mixed-use development in Bangkok’s Bang Na district, which reportedly could partially open as soon as next year. Additionally, The Mall Group plans to create another entertainment complex as part of the THB20-billion BLÚ Pearl project in Phuket’s Kathu district.
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Major International Casino Operators Considering Thailand
It was further noted that five major international casino operators, Las Vegas Sands Corp, Wynn Resorts Ltd, Caesars Entertainment Inc, MGM China Holdings Ltd, and Hard Rock International, have shown interest in the Thai entertainment complex market.
Bill Hornbuckle, CEO and president of MGM Resorts International, which owns Macau-based MGM China, mentioned during the company’s second-quarter earnings call that any effort to develop a project in Thailand would be pursued through the MGM China arm.
In July, brokerage firm CLSA Ltd speculated in a report that four of Macau’s six leading casino operators, Galaxy Entertainment Group Ltd, Las Vegas Sands, MGM, and Wynn Resorts, are considering investing in Thailand.
Thailand’s draft legislation for casino legalization mandates that a large-scale entertainment complex must feature “at least” four other types of entertainment facilities beyond the casino. These could include hotels, restaurants, bars, nightclubs, sports stadiums, yacht and cruise clubs, department stores, water parks, amusement parks, and venues promoting Thai culture.
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