Thai casino law draft to cabinet by year-end: report
Oct 24, 2024
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A draft law on casino resorts is likely to be sent to Thailand’s cabinet within the current calendar year, according to local media, citing Julapun Amornvivat, deputy finance minister.
The official also said, according to the Bangkok Post, that if the document received cabinet approval, it would be sent to the country’s national assembly.
The report said the lower chamber, the House of Representatives, is due to sit again from mid-December, until April next year.
Earlier this month, it had been reported by The Nation newspaper, that a set of public recommendations were to be forwarded to the national government by Thailand’s Fiscal Policy Office, suggesting changes to the proposed draft bill. That followed a public consultation process.
The Bangkok Post reported on Thursday – citing Mr Julapun – that a study by the Fiscal Policy Office, indicated that “entertainment complexes”, as casino resorts are being called in Thailand, could attract at least 5 percent more foreign tourists to the country annually, and possibly as many as 20 percent more.
From January to August this year, the country had received just under 23.57 million international tourists, according to the Ministry of Tourism and Sports.
Mr Julapun added that the policy office estimated that introducing casino resorts could boost average tourism spending per person to THB60,000 (US$1,776), from currently THB40,000.
The minister was quoted by the Bangkok Post on the possible boost to job creation from such venues.
“I hope as many Thais as possible will be employed in the entertainment complexes, which may require training to ensure they have the necessary skills,” he said.
The news outlet also reiterated some investment costs mentioned in the draft bill.
These were: these complexes could only be operated by a company registered in Thailand, with a minimum capital of THB10 billion; a locals entry fee of not more than THB5,000 per visit; casino licences valid for 30 years, renewable in 10-year increments; and a THB5-billion initial licence fee, with an annual fee of THB1 billion.
Investment bank Morgan Stanley suggested in a recent report that a legalised casino industry in Thailand could generate “US$4 billion to US$6 billion” in annual GGR.
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