A legalized casino industry in Thailand would make it the third largest gaming market in the world, and bigger than Singapore, according to a new research note from Citi.

According to analysts George Choi, Preenapa Detchsri and Timothy Chau, Thailand is already shaping up as a compelling investment opportunity that will “likely reshape the revenue pie of the global gaming industry” – even with first opening expected to be at least six years from now.