New Thai government pushes ahead with casino legalization plan
Date: 2024-09-11 Author: Leon Pierce Categories: CASINO
Last month, a major step toward regulating the casino industry was taken when the government published a draft law setting out basic rules for integrated resorts with gambling facilities.
The bill has received widespread public support, with nearly 80% of participants in a recent public hearing approving the proposal.
Thai government pushes ahead with entertainment complex project
Earlier this week, Deputy Secretary for Political Affairs to the Prime Minister Suksit Srichomkwan told The Nation that the government will push ahead with a bill that would allow for the development of several large integrated resorts.
The “entertainment complex” project is based on a model successfully implemented in Singapore and is expected to attract significant investment and boost tourism in the country.
The idea of using gambling to attract income and increase tourism is not new - many countries have already successfully used this method to replenish tax revenues and create new jobs. Large projects also contribute to the economic development of the regions where they are implemented.
Seven major resorts are planned
According to Srichomkwan, the government project involves the creation of seven integrated resorts. Three of them are planned to be located in Bangkok, where about 11 million people live. In addition to the capital, such entertainment complexes will be built in four more tourist provinces of the country.
The projects will include luxury hotels, shopping centers, entertainment venues and other services, while casinos will occupy no more than 10% of the total area of each complex.
Investments are estimated at billions of baht
According to sources close to the Ministry of Finance of Thailand, the construction of seven entertainment complexes will require investments of 300 to 500 billion baht (US$ 8.9-14.9 billion). Each of the four projects outside Bangkok will cost a minimum of 50 billion baht (US$1.49 billion), while each of the three resorts in the capital will require at least 100 billion baht (US$2.97 billion).
The massive investment is expected to attract the attention of leading global gaming and hospitality operators such as Wynn Resorts, Las Vegas Sands and MGM Resorts International, which have already expressed interest in expanding their operations in Thailand.
