Casino gets green light
Thailand is set to proceed with the construction of an entertainment mega-complex including casinos, Deputy Finance Minister Julapun Amornvivat has announced.
The bill would effectively legalize land-based casinos in the country.
A bill supporting the construction of the complex garnered the support of over 80% of respondents in an online hearing. The bill would effectively legalize land-based casinos in the country.
The bill will now be amended following the consultation and discussed with coalition partners before being presented to cabinet.
Thailand’s black market
Most forms of gambling, except the national lottery and betting on horse racing are illegal in Thailand. Former governments have attempted to liberalize gambling laws in the country but have typically met fierce opposition from conservatives.
However, underground casinos remain prevalent in Thailand, and illegal online gambling has continued to proliferate.
Meanwhile, many of Thailand’s neighbors, including Myanmar, Singapore, and Cambodia, have legalized casinos, drawing in significant revenue from both tourism and domestic gamblers.
Former Prime Minister Thaksin Shinawatra had previously attempted to legalize casinos, and backed the plan in a dinner speech last month, citing the potential revenues from taxing an already thriving illegal market.
Former Prime Minister Srettha Thavisin had given his support to the bill, but was ousted by a court decision on August 14. He was then replaced by his ally and daughter of Shinawatra, Paetongtarn Shinawatra, who pressed ahead with the plans.
Legislation set out
Draft regulations for legalized casinos in Thailand allow for an initial license of 30 years, which must be renewed every ten years. Gambling licenses will cost TBH 5bn ($148.48m), with an additional annual fee of TBH 1bn ($29.69m). The government also plans to introduce a 17% tax on gaming revenue for all license holders.
the casinos will mostly be aimed at foreign tourists
Thai nationals will also have to pay a TBH 5,000 ($148) fee every time they enter a gambling property – a clear sign that the casinos will mostly be aimed at foreign tourists.
A host of operators have spoken about Thailand as a potential market in recent months. Wynn Resorts and MGM Resorts International have both named the country as a potential target for expansion, and Las Vegas Sands CEO Rob Goldstein mentioned the country as a potential next destination in April this year.
“It’s a very, very exciting market in a lot of levels. Just the sheer size of population, the accessibility and the willingness of people travel to Thailand,” said Goldstein. “It’s obviously, I think, number one resort destination city in Asia. It’s early days, although we still have work to do with the numbers and understanding it.”