Macau gaming operator Galaxy Entertainment Group (GEG) is set to enter the bidding process for an integrated resort (IR) licence in Thailand, with plans to initiate a request for a proposal as early as mid-2025, according to Goldman Sachs.
The information was disclosed following a meeting between Galaxy management and the investment bank during the APAC Consumer & Leisure Corporate Day on January 8, 2025.
Galaxy Entertainment has expressed strong interest in participating in the competitive IR licence bidding process in Thailand, focusing exclusively on the Bangkok site.
Based on observations from Goldman Sachs’ recent non-deal roadshow in November 2024, the investment bank notes that Galaxy sees Thailand’s potential as one of the largest casino markets in Asia. The company projects the nation’s annual gross gaming revenue of US$3-5bn if the country proceeds with liberalisation – a conservative estimate.
The timeline for this development depends on the ongoing review of a draft bill by the Thai Parliament. If the bill is approved, it could pave the way for an official RFP to commence as early as mid-2025, allowing major players like Galaxy to submit their proposals.
Source: