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Thais prefer motorcycle racing? I think not
There is a single Thai rider in MotoGP but it doesn't get anywhere near the coverage of F1. And while there may be no current Thai F1 driver, neither is there a Malaysian, Japanese, Chinese, Korean, Indian, Belgian, Hungarian, American, Bahraini or Abu Dhabian driver but all these places have GPs (some with crowds exceeding 5000).
There has been a Thai driver - Prince Bira - and there is an FIA standard circuit in Thailand (the Bira circuit, near Pattaya). No need to build a circuit on a swamp near Suvarnabhumi airport or one at Dom Muang where access is poor.
Money is certainly not short in Bangkok.
Nigs has the situation spot on. The 'government' will ensure they are rewarded first and last..