When Thailand’s casino market reaches maturity, it could generate annual gross gaming revenue (GGR) exceeding Singapore, putting the country on pace to become the third-largest gaming jurisdiction in the world.

That’s the take of Citi analysts George Choi, Preenapa Detchsri, and Timothy Chau, who in a recent report said that when Thailand fully ramps its casino market, the country could notch yearly GGR of $9.1 billion. That would be enough to top Singapore for the third spot on the global list, trailing only Macau and Las Vegas. Thailand has yet to officially approve integrated resorts, but policymakers are attempting to expedite related legislation.

Deputy Finance Minister Julapun Amornvivat recently reiterated the Thai government’s intention to table a revised draft law … to the cabinet by end-2024. When the council of state approved the bill … the race for licences in Thailand will quickly commence,” according to Citi,

The $9.1 billion GGR forecast is based on Thailand approving at least five gaming permits to start — a pair in the capital city of Bangkok and one apiece in Pattaya, Phuket, and Chiang Mai.

Singapore/Thailand Not an Apples-to-Apples Comparison

Should Thailand eventually meet or exceed the Citi forecast and rise to the third spot among global casino markets, it would be an impressive feat, particularly when considering that the Southeast Asian nation currently has no regulated gaming venues.