Royal Turf Club of Thailand reportedly plans US$5.88bn IR investment

A memorandum of understanding has reportedly already been signed with investment partners for The Royal Siam Haven.

Thailand.- The Royal Turf Club of Thailand (RTCT) is reportedly planning to invest THB200bn (US$5.88bn) in an integrated resort (IR) with a casino. According to Thansettakij, the IR will be called The Royal Siam Haven and will include a horse racecourse, a six-star hotel, a golf course, a yacht club, luxury dining options, a theatre, a medical tourism hospital and a learning centre.

Patvee Surin, a representative of the RTCT, said a memorandum of understanding had been signed with investment partners. The location of the complex, however, has not been disclosed.

Earlier this month, the Thai Council of State released the final draft of a bill to legalise entertainment complexes with casinos. The proposal includes 30-year casino licences, with the option for a 10-year renewal. Casinos would be part of large entertainment complexes with hotels, convention centres, and amusement parks. In May, Julapun Amornvivat suggested that the casino component would be no more than around 5 per cent of the project’s total area.

The draft bill stipulates that complexes should be located in designated areas and operated by companies registered in Thailand with a minimum paid-up capital of THB10bn (US$283m). A policy panel led by the prime minister and a regulatory agency would oversee the industry. Five locations are considered potential hosts: two in Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket. Authorities hope IRs could increase tourism revenue by US$12bn.

MGM Resorts International and Galaxy Entertainment Group have already shown interest in the possibility of casino resorts in the country. Investment group CLSA said Las Vegas Sands and Wynn Resorts are also interested.