Thailand’s Finance Minister says casino bill draft ready in four weeks

Jenny Ortiz June 21, 2024

SiGMA news

Thailand’s Finance Minister says casino bill draft ready in four weeks

The Thai government is finalising a significant piece of legislation that could see the establishment of large entertainment complexes, including casinos, across the country. According to local media reports, Deputy Finance Minister Julapun Amornvivat announced on Wednesday that the final draft of this bill will be ready for Cabinet deliberation in three to four weeks. The proposed law aims to boost the economy while addressing potential social impacts.

Interagency collaboration and inputs

The drafting process has involved input from 16 government agencies, each providing perspectives on the economic and social implications of introducing casino entertainment complexes. These agencies have unanimously recognised the economic benefits, anticipating that such complexes could enhance Thailand’s economy. However, concerns about social impacts have led to recommendations for implementing protective measures against the negative effects of gambling.

Bill development and approval process

Initially drafted by a special House committee, the bill has undergone various revisions based on feedback from the involved agencies. Once the final draft is complete, it will be presented to the Cabinet for approval. If approved, the bill will be forwarded to the Office of the Council of State for vetting before being tabled in the House of Representatives.

Economic and social considerations

The proposed entertainment complexes are expected to attract investments ranging from TBH30-50 billion (€762 million-€1.2 billion). According to the draft, casinos will occupy no more than 5 percent of each complex, which will also feature hotels and other entertainment facilities. This structure aims to create a balanced entertainment offering that mitigates the focus on gambling.

On the social front, several agencies have emphasised the need for responsible gambling policies and mechanisms to protect vulnerable groups. The government is considering establishing a national committee, comprising representatives from various agencies, to oversee the implementation and regulation of these entertainment complexes.

Prospects and industry impact

The introduction of casino resorts is seen as a potential game-changer for Thailand’s tourism and entertainment sectors. According to industry observers, potential locations for these resorts include Bangkok, the Eastern Economic Corridor, Chiang Mai, and Phuket. Each resort would require an investment of at least THB100 billion (€2.54 billion).

A report from Maybank Investment Bank suggests that licences for these casino resorts could be awarded in phases, with the first resort potentially opening by 2029. As Thailand moves closer to finalising its casino entertainment complex bill, the government is poised to balance economic gains with social responsibility. The upcoming weeks will be crucial as the final draft is prepared for Cabinet approval, marking a significant step toward potentially transforming Thailand’s entertainment landscape.

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