Galaxy Resorts calls for luxury strategy to maximise growth
It also said the delay of the entertainment complex bill would make Thailand lose competitiveness with other Asian and the Middle Eastern countries.
"The battleground for Asia-Pacific now is the premium and luxury sector," said Kevin Clayton, chief brand officer of Galaxy Resorts Thailand.
According to the Pacific Asia Travel Association, Asia-Pacific tourism generated over 648 million regional trips last year, and it is expected to reach nearly 700 million and 800 million trips, respectively, this year and in 2027.
Mr Clayton said Thailand is at the centre of the major growth and could benefit from the growing middle class in the region, such as those of India and China.
There were over 6.2 million affluent people and 168 million upper middle class people in China who are fuelling luxury consumption overseas and are opting for trips within the region.
He said although Bangkok is competing at the forefront as one of the top most visited cities worldwide along with London and Istanbul, driven by increasing air capacity, overall Thailand is highly unlikely to gain 35 million foreign arrivals this year.
It is hampered by sluggish Chinese arrivals, with the unsafe perception of Thailand due to the border scam and the latest Thailand-Cambodia border skirmishes, which many countries have warned their citizens about.
Mr Clayton said in the short run, Thailand needs to solve these unsafe narratives, including scams against tourists in the city, through promotion with global celebrities, key opinion leaders and influencers along with cracking down on these illegal operators, since safety is the top priority for affluent tourists.
It should also upgrade the major Thai tourism website to be easier and more attractive for foreigners to search for information, in the same way that the Japan National Tourism Organization website is able to do.
He added that luxury tourism operators should use integration to promote their services as consolidated offerings.
Beyond that, Thailand should enhance public-private partnerships to build new infrastructure and attractions that offer unique experiences, including through integrated resorts.
He said an integrated resort developer like Galaxy Entertainment Group can complement Thailand's existing strengths in hospitality, wellness, food and culture, with new thrilling attractions such as concerts and festival halls, arts exhibitions, along with premium gaming services.
Given Thailand's entertainment complex bill remains on hold, Mr Clayton said Galaxy Resort remains patient.
The company respects the government's decision and public discussion around the process, and continues its presence in the nation.
Meanwhile, in Asia-Pacific, the integrated resorts industry continues to evolve. Developments include the additional phases of Sentosa and Marina Bay Sands in Singapore, UAE's first casino resort by Wynn in 2027, as well as Japan's MGM Osaka in 2030.
Even emerging destinations such as Vietnam now have three major integrated resorts.
By delaying the entertainment complex bill, Thailand is not competing effectively with these destinations, said Mr Clayton.
"There is a lost opportunity for the country more than obviously the company that is investing [in it]," he said.
For Galaxy Entertainment Group, its Galaxy Macau is slated to open a fourth phase with five new luxury hotels, retail and family attractions in 2027.
Given that Macau's government reduced its national gross gaming revenue forecast this year by 5%, Mr Clayton said Galaxy is still positive about its business outlook since the company is targeting the premium gaming sector, not the mass market like some other resorts in Macau.
Its gross gaming revenue market share in the second quarter exceeded 20.3% in Macau, he said.
Macau last year welcomed nearly 35 million tourists, with 46% staying an average of 2.3 days, generating over US$23 billion gross gaming revenue and $9 billion non-gaming revenue.
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