The Ministry of Finance has been given 30 days to provide a response to a National Assembly committee study on the potential addition of regulated casino resorts to Thailand. The Cabinet of Thailand is supporting this move.
The notion of entertainment zones, which would include casino hotels, was supported by 253 of 257 members of the Thai House of Representatives in a vote that took place in late March. The decision was made after the cabinet met on Tuesday for its weekly meeting. Before the government makes a decision on the casino law, public comment periods and participation will be held, according to deputy government spokesman Kenika Ounjit.
She noted that the entertainment centers are essential to Thailand's efforts to increase tourism, which is a significant part of the nation's economy. These centers would feature non-gaming goods like concert and sports facilities and meetings, incentives, conferences, and exhibitions (MICE) space.
By 2027, the country in Southeast Asia hopes to draw 80 million tourists from abroad. Integrated resorts might play a key role in that endeavor.
Thailand's Casinos May Be An Economic Engine
Although the precise number of entertainment centers that will be authorized is unknown, it is certain that those establishments, given the presence of a casino, have the potential to stimulate Thailand's economy. It is anticipated that a minimum investment of $2.75 billion would be needed for each entertainment district. Maybank analysts pointed out that up to eight casino resorts could be approved by Thai lawmakers in a recent report to clients. The Chonburi Real Estate Association stated last week that it thinks the government should authorize up to 20 gaming locations since it will create over 30,000 new employment and increase the Thai economy by 4% to 5% annually.
"The real estate industry would especially benefit from increased sales and expansion of projects in a radius of up to 10 kilometres from the complex,” said Chonburi President Watthanaphol Pholchewin in an interview with The Nation.
Twenty gaming establishments in a nation Although Thailand's size is undoubtedly great and may fuel fears of cannibalization and excessive gaming access, eight of these locations could achieve the goals of generating employment, raising tax income, and drawing in more tourists.
Thailand's Casinos May Attract Prominent Offerders
If Thailand permits many sites concurrently and proceeds with enabling integrated resorts, there would be intense rivalry for licenses, which is expected to attract some of the largest brands in the business.
Notable industry names like Genting Singapore and Las Vegas Sands have both expressed interest in Thailand to some extent. It's also thought that MGM Resorts International and Galaxy Entertainment would be considering obtaining licenses there.
In addition to the anticipated 17% tax rate, the previously announced $2.75 billion minimum investment is likely to attract foreign businesses considering placing bids for gaming licenses in Thailand.