Duty-free sales in Bangkok's Suvarnabhumi airport -- which attracted 51.5 million international visitors in 2018 -- generate an estimated $1.9 billion a year, according to the Thailand Development Research Institute. AoT said King Power won the auction despite competition from Korea's Lotte and Empire Asia Group, which partnered with Switzerland's World Duty Free Group. But King Power is supremely well connected -- late owner Vichai's funeral earlier this year was partially sponsored by the royal family and saw Thailand's political and business elite pay their respects. Suvarnabhumi rakes in the lion's share of revenue from Thailand's airport and AoT earned $522 million in 2018. Last year, a Thai court rejected an attempt to sue King Power for hundreds of millions of dollars in unpaid revenue to AoT -- a rare legal challenge issued by the company's rivals.

Source: The Nation Bangkok May 31, 2019 10:52 UTC