The biggest threat is Thailand legalising gambling. However, Thailand is still under conservative military dictatorship. 'Elections' have been pushed back many times and are now expected to be late this year. After which, if a progressive government is elected, gambling reforms may pass.
Only then will planning and construction of a 'intergrated resort' will begin. This process will take years from the point of the election, and that's still a possibility to be pushed back further.
I think Star Vegas will have at least another 4 or 5 years from now before operations will be disrupted by a new casino in Bangkok.
China is highly unlikely to legalise gambling on the mainland.
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