Anticipated 52% surge in tourism-related income due to gambling law reform in Thailand
The contemplation of authorizing gambling in Thailand has been a recurring subject of debate. Following a preliminary evaluation of its overall viability, recent data emerges, highlighting the financial allure of legitimizing gambling in the country.
An Additional 12 Billion USD in Income Anticipated
The Thai administration allegedly projects, drawing from research findings [English article], that tourists visiting Thailand could significantly boost their spending during their stay, as reported by The Business Times.
The research indicates a potential 52% surge in touristic expenditures, escalating the average spending per trip to around 2,405 USD (approximately 2,230 EUR). This projection translates to an increment of 12 billion USD, equivalent to a 1.16% enhancement of Thailand's GDP.
The committee led by Deputy Finance Minister Julapun Amornvivat, responsible for formulating a gambling legalization blueprint for Thailand, may capitalize on this study's findings to bolster their case before parliament.
Prime Minister Srettha Thavisin Endorses the Strategies
However, substantial parliamentary opposition is unlikely, given Prime Minister Srettha Thavisin's unwavering support for the concept of legalizing gambling. He champions policies that could entice foreign investors.
The preliminary draft of Thailand's gambling strategy assigns the risk to the entities eagerness to invest in casino complexes and attached resorts in Thailand.
The Galaxy Entertainment Group and MGM Resorts International have already expressed interest in such an investment. Speculation suggests this investment may be a proactive action to hedge against potential gambling difficulties in Macau.
Additional Positive Consequences Expected
According to Julapun Amornvivat, aside from the potential for substantial revenues, the suppression of the prevailing black market in Thailand is a compelling argument for gambling legalization:
The intention is to offer a diverse range of entertainment and promote tourism in an innovative manner, thereby boosting the country's revenues and resolving the problem of illegal gambling. – Julapun Amornvivat, Deputy Finance Minister of Thailand, Source: The Business Times**
Labor Minister Phiphat Ratchakitprakarn also anticipates favorable outcomes and believes that up to 50,000 jobs could be generated through gambling legalization [English article], as he asserted to The Nation.
Ratchakitprakarn also suggested that the construction of casino complexes beyond tourist hotspots could contribute to their renovation. This would advantage the local populace, who would secure jobs and benefit from enhanced infrastructure.
Precise Implementation Schedule Uncertain
Despite the compelling reasons in favor of legalization, the specific timing for parliament to enact legislation remains uncertain. Initially, a corresponding draft must be devised.
It is still quite probable that the first casino complexes in Thailand won't be erected for several years. Although the initial investors are already expressing interest, the planning process may still be in its infancy.
The discussion of introducing online casinos in Germany might also benefit from analyzing the financial gains seen in countries like Thailand.
Germany could potentially explore the introduction of online casinos, inspired by Thailand's projected income increase of 12 billion USD, as a result of legalizing gambling.
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