Lawrence Ho, CEO of Melco Resorts and Entertainment, described Thailand’s emerging gambling market as “a generational opportunity that probably happens once every century” in a recent earnings call, multiple media outlets report.
His words come as Thailand moves towards legalising casinos, and after Melco opened a representative office in the country’s capital, Bangkok. In January, Ho confirmed that his company – one of six casino operators in Macao – aimed to open an integrated resort in Thailand once its new regulatory framework was in place.
“We’ve conducted extensive studies, made multiple visits,” Ho told analysts. “While it is still early days, we remain vigilant and flexible in our approach, including potential partnerships and structural adjustments.”
Melco recently announced that it intended to pursue an “asset-light” strategy where it could, to “enhance financial flexibility, strengthen the balance sheet, and support [the group’s] long-term growth initiatives.”
[See more: President Xi Jinping warns Thailand’s prime minister of the pitfalls of casinos]
Ho has said that the strategy started with Melco’s investment in City of Dreams Sri Lanka, which is due to open this year. He has also said the group is “trying to shed weight” and “exploring potential strategic alternatives” regarding its involvement in City of Dreams Manila.
However, Ho said last week that Thailand would likely be an “exception” to the new approach.
While some gambling, such as betting on boxing and horse racing, has long been permitted in Thailand, the kingdom is planning to build a full-blown casino industry that would pose direct competition for Macao. Thailand’s Council of State is currently reviewing draft legislation.
Melco reported total operating revenues of US$4.64 billion for 2024 for its world-wide properties, up from US$3.78 billion the year prior.
