If Thailand legalised gambling it would take a couple of years for the new casinos to be built so there would be a window where the Star Vegas would operate as normal. After this it would have a devastating impact on the value one has to assume.
Having said that, the casinos may be limited to the capital and possibly limited to non Thai citizens. Star Vegas would still have some value as you can imagine the border casinos would respond by lowering prices and increasing players rebates ect. Some would go out of business but the biggest, ie Star Vegas, would likely survive albeit at far less profitability.
I can also imagine that Cambodia and Laos would lobby very hard to keep the status quo. It would have horrible effects on the border regions of their countries and put countless families back into poverty.
Back to DNA, and in that scenario you would still have the Aristo as China will almost certainly not legalise gambling on the mainland. Additionally, Vietnam is growing nicely and gambling has been recently legalised for locals, although I think it is less simple than that in practice.
It is hard to quantify the chances of legalisation and the impact it would have and how that risk should be priced in the share price. Another casino purchase, or building of one, in the future with the free cash would further diversify the group. This is probably the business plan. So lets hope nothing happens in Thailand for a couple of years so the purchase price of Star Vegas can be at least recouped.
