Thailand Releases Draft Casino Bill for Public Comment
Date: 2024-08-05 Author: Alex Crawford Categories: CASINO
The State Council of Thailand has released a draft casino bill, opening it up for public comment. Citizens and stakeholders are invited to submit their comments and suggestions until August 18. The move represents a major milestone in the legalization and regulation of casinos in the country.
Key Provisions of the Bill
According to Thai news sources, the draft bill will make significant changes to the gambling industry. In particular, it will allow casinos to obtain a license for 30 years, with the possibility of extending it for another 10 years. The bill will also allow casinos to be located in large entertainment complexes, which will include hotels, convention centers, and amusement parks. Additionally, a 17% tax on gambling revenues will be imposed.
Thai Prime Minister Sretta Taweesin and his deputy Somsak Thepsuthin have expressed support for the plan to legalize casinos and gambling. They believe that it will help improve gambling supervision, ensure proper tax collection and attract foreign investment. The 500-member House of Representatives also supported the bill. Research shows that legalizing casinos could help boost tourism revenue by about 12 billion baht (about US$0.34 billion).
Prospects and Competition
If the bill is passed, Thailand will join countries such as the United Arab Emirates and Japan in the race for a share of the global casino market. This will provide new opportunities to attract foreign investment and improve the country’s economic situation. Currently, neighboring Southeast Asian countries such as the Philippines, Vietnam and Singapore are in an advantageous position to compete with the global gambling hub of Macau.
Established gambling concessionaires such as Galaxy and MGM China have already expressed interest in the potential opportunities in the Thai market. They are expected to closely monitor developments and may show interest in investing in new casinos if the bill is passed.
The publication of the draft casino law in Thailand opens a new chapter in the development of the country's gambling industry. Legalization of casinos can bring significant economic benefits, increase tourism attractiveness and create new investment opportunities. For a deeper understanding of Thailand's potential in the global market and the history of legalization of the gambling sector in the country, it is recommended to read a detailed report on the current state and prospects of the gambling industry in Thailand.
