Bloomberry Denies Reports on Thailand Casino Expansion

Details: Category: Gambling Industry; Created: Saturday, 01 June 2024 20:59

Bloomberry Resorts Corporation rejected rumors that it would construct a new casino in Thailand. Thus, the company has no current Thailand casino expansion plan. This came as the country moved to open a legal gambling market.

This week, rumors began circulating that Bloomberry chair and Filipino billionaire Enrique "Ricky" Razon may be considering entering the Thai market. According to a story on Bilionaryo.com, Razon reportedly expressed interest in establishing a resort casino in Thailand.

Now Bloomberry has fired back, formally removing itself from the reports by notifying the Philippine Stock Exchange. Legal gambling in Thailand, according to Bloomberry, is a commercial attraction.

Thailand Casino Expansion

According to sportsbook pay per head reviews and news sites, Bloomberry concentrates on its casino operations in the Philippines and South Korea. Last Monday, the company's second integrated resort in the Philippines opened to the public. Each nation in the group maintains one such resort.

While Bloomberry isn't planning to start in Thailand soon, other prominent figures have expressed interest. While discussing the company's first-quarter profits, Wynn Resorts CEO Craig Billings mentioned that the operator is looking at potential locations for new casinos in both New York and Thailand.

According to gambling reviews and news sites, Billings acknowledges that the debut in Thailand is still in its very early days. In addition, information about rules and licensing frameworks has not yet been revealed. But he said that Wynn was keen on making the transfer.

As for other operators, Las Vegas Sands has also expressed interest. The operator "absolutely" has an interest in Thailand, according to CEO and chairman Robert Goldstein, who spoke last month.

Focus on Thailand Instead of Japan

Goldstein isn't the only one who has compared Japan and Thailand when discussing the legalization of casinos. Muhammad Cohen wrote a unique two-part piece about the Thai situation earlier this month. As part of this, they consider that although Japan has legalized casinos and gambling first, Thailand still faces significant obstacles.

The second part of the series delves into Thai casino legalization and how, contrary to popular belief, it might present leading operators with substantial expansion opportunities.

Thai Casino Regulations

Vitaly Umansky, a senior analyst at Seaport Research, believes that American licensed operators will be hesitant to enter the Thai market due to the country's weak first casino laws.

According to Umansky's Friday report that analyses Wynn Resorts' future potential, the US-based firm has shown interest in Thailand as a jurisdiction. Still, it might not be the best choice for the company's immediate needs.

Meanwhile, Wynn Al-Marjan, an integrated resort being developed by Wynn in Ras Al Khaimah, United Arab Emirates, is scheduled to open in early 2027 and will serve as the sole casino in the area.

Although Umansky cautioned that adding more casino resorts might have a significant impact, he did say that Wynn's site in the UAE could bring the firm US$300 million in attributable cash flow each year.

While MGM Resorts is constructing three hotel brands owned by MGM in Dubai, the company has announced that Abu Dhabi is also considered a potential casino location if Dubai decides against legalizing gambling.

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