Does anyone know that song “One night in Bangkok” by the Pet Shop Boys?

I was wondering if anyone could explain the lyrics to me. I think its all innyendo, but I don't get it and its killing me!
Here they are:
[THE AMERICAN]
Bangkok, Oriental setting
And the city don't know that the city is getting
The creme de la creme of the chess world in a
Show with everything but Yul Brynner

Time flies -- doesn't seem a minute
Since the Tirolean spa had the chess boys in it
All change -- don't you know that when you
Play at this level there's no ordinary venue

It's Iceland -- or the Philippines -- or Hastings -- or --
or this place!

[COMPANY]
One night in Bangkok and the world's your oyster
The bars are temples but the pearls ain't free
You'll find a god in every golden cloister
And if you're lucky then the god's a she
I can feel an angel sliding up to me

[THE AMERICAN]
One town's very like another
When your head's down over your pieces, brother

[COMPANY]
It's a drag, it's a bore, it's really such a pity
To be looking at the board, not looking at the city

[THE AMERICAN]
Whaddya mean? Ya seen one crowded, polluted, stinking town --

[COMPANY]
Tea, girls, warm, sweet
Some are set up in the Somerset Maugham suite

[THE AMERICAN]
Get Thai'd! You're talking to a tourist
Whose every move's among the purest
I get my kicks above the waistline, sunshine

[COMPANY]
One night in Bangkok makes a hard man humble
Not much between despair and ecstasy
One night in Bangkok and the tough guys tumble
Can't be too careful with your company
I can feel the devil walking next to me

[THE AMERICAN]
Siam's gonna be the witness
To the ultimate test of cerebral fitness
This grips me more than would a
Muddy old river or reclining Buddha

And thank God I'm only watching the game -- controlling it --

I don't see you guys rating
The kind of mate I'm contemplating
I'd let you watch, I would invite you
But the queens we use would not excite you

So you better go back to your bars, your temples, your massage
parlours --

[COMPANY]
One night in Bangkok and the world's your oyster
The bars are temples but the pearls ain't free
You'll find a god in every golden cloister
A little flesh, a little history
I can feel an angel sliding up to me

One night in Bangkok makes a hard man humble
Not much between despair and ecstasy
One night in Bangkok and the tough guys tumble
Can't be too careful with your company
I can feel the devil walking next to me