Which is the fastest-growing casino market in Asia?
As the most populous continent in the world, any Asian market has near-limitless potential. Gambling as an activity has deep roots and a long-lasting history throughout Asia, and we have witnessed
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major changes in recent years. Expansion, controversies, new markets, rapid growth, heated debates, and innovative approaches are almost a daily recurrence. The eyes of many world players are shifting toward the east and with a good reason. What will happen as the Asian markets open up to the world and implement new policies, where some favor and others restrict gambling?
It's anyone's guess, but until then, you can find the latest news below!
1. Thailand's Renaissance
Thailand has long been known as a tourist destination for Western tourists, in particular, looking to experience Asian culture. Exotic beaches, active nightlife life, and welcoming hosts are some benefits Thailand offers to its guests, but recently, Thailand has been looking to expand its offer. Prime Minister Srettha Thavisin aims to open a brand new concept of entertainment complexes in Thailand's tourist areas, where casinos could bloom and operate without restrictions, for tourists.
A maximum of five licenses will be issued, and the first project aims for completion before 2030. But, in-person casinos are, understandably, not everyone’s preferred choice. Many gamblers would rather browse the best online casino options such as bestonlinepokersites.ltd, where they can enjoy welcome bonuses, a wide assortment of games, and many other benefits.
Thailand will enjoy a 17% gaming tax rate imposed on these new brick-and-mortar entertainment complexes where the minimum investment for each will be $2.8 billion, and the number can only go up as foreign investors compete to build the best casino experience for their guests. In the next five years, Thailand will become a worthy casino competitor on the world scene.
2. Macau's gamble
The numbers don't lie, and China has a lot of work to do if it wishes to remain relevant in the casino industry. While casinos and gambling are illegal in China, they bloom by comparison in its special district of Macau, which does all the heavy lifting for the industry in China. In 2019, Thailand boasted more than 40 million tourists, while China 28 million, and the revenue from them was also proportional, where Thailand earned an estimated $61 billion from tourism versus $34 billion for China.
If someone wishes to play the state lottery China provides its state variant. Visiting crypto gambling sites is possible via a VPN, but for other gambling activities, tourists must visit Hong Kong or Macau. Working alongside its legal restrictions, it looks like China has designated Macau for its gambling operations, where lotteries, various gambling machines, sports betting, and other gambling activities are allowed, and more than 30 casinos, or gambling establishments, compete for their market share.
Macau earns more than Las Vegas yearly, generating about $30 billion. Macau aims to increase this number by offering an Individual Visit Scheme (IVS), its recent attempt to ease the process for foreign visits. Macau casino industry strives to fulfill its capacity by driving tourist accommodations and building upon its established reputation, and should its new liberal visa policy prove successful, it could set the standard that other countries might implement.
3. The Philippines' surprise
A surprise to some, but a welcomed one, the Philippines is fast climbing towards being one of the best casino destinations in Asia. The entire Southeast Asia, as a whole, has incredible potential, but the Philippines could come on top as its Philippine Amusement and Gaming Corporation (PAGCOR) continues to implement pro-casino policies. They have reduced many of the entry barriers, making their industry open for business and foreign investments, reduced associated taxes, and thus have created a healthy landscape for future casino investments.
Its iGaming sector is not lacking as Novomatic entered the market in July 2023, by signing a contract with Technet Asia. This agreement will improve and widespread electronic slot machines, table games, and casino software, essential for a thriving casino business, for small and large operators. The Philippine gambling revenue was a bit shorter than the rest of Asia, reporting a bit over $3.5 billion back in 2018, but many strong reforms by President Rodrigo Duterte laid the foundation for a brighter tomorrow for the industry. Cracking down or eliminating market corruption and implementing stronger protection laws has attracted healthy competition, which can use the tax as mentioned earlier breaks to expand the local Philippine casino market.
All of the combined effects have been fruitful for now, and we have amazing Solair North, NuStar, Hann Resorts, and many others as proof of the rapid casino expansion in the Philippines. Near Manila lies Clark, where a casino resort explosion is happening as six new or improved casinos are opened for business for local and tourist players. NuStar in Cebu City is opening two additional hotels with casino capacities to accommodate the rising interest. All of these combined, and more upcoming projects, signal that the Philippines is a strong contender in the Asian casino race, and the stiff competition could only mean more options and better terms for the players.
Constant development and a steady upsurge in investments make Asia a favorable market for any investor. New opportunities arise daily, and what was the established form today may be dwarfed by a discovery tomorrow. Exciting, thrilling, and expanding are some terms that best describe the Asian casino market. Whatever your bet may be, there's a place for it in Asia, and all you have to do is pick a place, and Asia will accommodate you.