The global gaming industry is poised for a significant surge, with established players like Macau experiencing a resurgence and new markets emerging as potential powerhouses. A recent report by investment giant Morgan Stanley throws the spotlight on Thailand and the United Arab Emirates (UAE) as future leaders in the sector, estimating each could contribute a staggering $3-5 Billion annually to global Gross Gaming Revenue (GGR).
This forecast paints a picture of a rapidly evolving landscape. While established gaming hubs like Macau are witnessing renewed growth, new contenders like Thailand and the UAE are making strategic moves to capitalize on the booming industry.
Morgan Stanley’s prediction for Thailand and the UAE stems from a combination of factors. Both countries boast robust tourism industries with established infrastructure, attracting millions of visitors annually. This provides a fertile ground for the development of Integrated Resorts (IRs) – large-scale complexes that combine casinos, hotels, entertainment facilities, and shopping experiences. Thailand has already drafted legislation to legalize casinos within designated zones, while the UAE is exploring the possibility of issuing gambling licenses.
USA-based gaming operator Wynn Resorts has partnered with RAK Hospitality to open-up UAE’s first casino resort at Al Marjan Island, Ras al Khaimah, by 2027. The country’s favourable tax rules make them even more attractive as a casino destination that other countries in the region, combined with an increased number of international tourists, year-on-year.
The potential of Thailand and the UAE extends beyond their established tourism infrastructure. The UAE boasts a high concentration of ultra-high-net-worth individuals, a demographic considered a key driver of casino revenue. Additionally, its location at the crossroads of East and West positions it to attract players from a diverse range of markets. Thailand, on the other hand, offers a unique cultural experience alongside its natural beauty, potentially appealing to a different segment of the high-end gambling market.
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While the potential rewards for Thailand and the UAE are significant, challenges remain. The development of the gaming industry must be accompanied by a robust regulatory framework. Concerns around responsible gambling practices and potential social impacts need to be addressed proactively. South Korea provides a timely example. Tourism experts there are urging the government to establish a dedicated gaming regulatory agency to oversee the development of IRs and mitigate addiction risks.
Macau, the undisputed king of Asian gaming, offers a valuable case study. The territory is currently experiencing a resurgence, driven by the easing of COVID-19 restrictions. Macau recently revised its visitor forecast for the upcoming Golden Week holiday period, expecting daily visitor numbers to reach 130,000 – a significant increase fuelled by encouraging early numbers and high hotel occupancy rates. This serves as a reminder of the pent-up demand for travel and entertainment, boding well for the broader gaming industry.
The combined projections for Thailand, the UAE, and Macau paint a picture of a dynamic and geographically diverse future for the global gaming industry. Established markets are experiencing a revival, while uncharted territories are poised to emerge as major players. As Morgan Stanley’s forecast suggests, Thailand and the UAE have the potential to become major contributors to the global GGR. However, success will hinge on establishing a balance between economic growth and responsible management of the industry’s potential social impacts.
For more updates on the global gaming industry, stay tuned to GutshotMagazine.com.
Gutshot Magazine is India’s leading real money gaming magazine that covers news, updates, previews, highlights, features and much more across verticals like poker, rummy, and fantasy sports. Our rich history that has spanned over a decade now, Gutshot Magazine has always tied up with events and tournaments that have helped push the awareness of skill gaming in the country. If you are looking for the latest updates across real money gaming, then you have arrived at the perfect destination.
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