Thailand cabinet approves casino, finance ministry updates
Thailand's cabinet backed a National Assembly committee study on increasing regulated casino resorts in the country and gave the finance ministry 30 days to respond on next steps.
The decision follows Tuesday's weekly cabinet meeting and a vote in Thailand's House of Representatives in late March, in which 253 of 257 lawmakers approved the concept of an entertainment district that would include a casino hotel. Deputy government spokesperson Kenika Ounjit said there will be a period of public comment and participation before the government makes a decision on casino legislation.
She acknowledged that entertainment centers, which include non-gaming facilities such as concerts and sports venues, as well as meetings, incentives, conferences and exhibitions (MICE) spaces, are an important part of Thailand's efforts to promote tourism and are an important part of Thailand's tourism industry. country's economy.
The Southeast Asian country hopes to attract 80 million international tourists a year by 2027. Integrated resorts could be crucial.
Thailand casinos could become economic driver
The number of approved entertainment centers has not yet been determined, but it is clear that these venues with a casino component could become Thailand's economic growth engine. Each entertainment district is expected to require at least US$2.75 billion in investment.
In a recent note to clients, Maybank analysts noted that Thai policymakers may approve up to eight casino resorts. Last week, the Chonburi Real Estate Association said it believed that if the government approved the establishment of up to 20 gaming venues, more than 30,000 jobs would be created and the Thai economy would grow by 4% to 5% annually.
"The real estate sector will particularly benefit from sales growth and project expansion within a 10-kilometer radius of the complex," Chonburi President Watthanaphol Pholchewin told The Nation in an interview.
In a country the size of Thailand, having 20 gaming venues is a large number and may raise concerns about cannibalization and too many gambling opportunities, but 8 such gaming venues can achieve job creation , increase taxes and other goals to attract more tourists.
Thai casinos may attract high-profile bidders
If Thailand moves forward with integrated resort approval and approves multiple venues simultaneously, competition for licenses will be fierce and could attract some of the biggest names in the industry.
Among the big names in the industry, Las Vegas Sands has hinted at interest in Thailand, and similar rumors apply to Genting Singapore. Galaxy Entertainment and MGM Resorts International are also believed to be interested in obtaining licenses there.
The above-mentioned minimum investment amount of US$2.75 billion and the expected tax rate of 17% may be attractive to international companies considering bidding for Thailand’s gaming licenses.
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Source: www.casino.org
