Posted on: September 6, 2024, 06:43h.
Last updated on: September 6, 2024, 06:43h.
Despite recent political upheaval in the country, plans to bring casino resorts to Thailand are gaining momentum. That effort recently gained the support of the nation’s various political parties.
Thailand’s Deputy Finance Minister Julapun Amornviva said the country’s new government is behind the effort to bring integrated resorts to the Southeast Asian country and plans to move forward on that front. The finance minister said the plan was supported by 80% of politicians attending a recent meeting on the subject.
News of the political momentum for Thai gaming venues emerged after a public comment period on the 22-page Draft of the Complete Entertainment Business Act B.E. That ran through Aug. 18 and by all appearances, Thai citizens are on board with the country introducing casino hotels as a way of boosting the tourism industry, which is one of the largest drivers of economic activity in the nation.
Speculation indicates that Thailand could approve as many as five casino licenses to start with the locations rumored to be two in the capital city of Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket. Each venue would carry a 30-year licensing term.
New Regime Backs Thailand Casinos
Last month, former Prime Minister Srettha Thavisin was surprisingly removed from power, but the winds of political change in Thailand — a country with a history of political volatility — aren’t damaging the case for casinos.
Paetongtarn Shinawatra is the new prime minister and that’s noteworthy because she’s the daughter of former Prime Minister Thaksin Shinawatra. Thaskin has already thrown his support behind Thai gaming venues, telling media outlets there casino hotels could be pivotal in helping boost the national economy.
He could be onto something with that assertion because by some estimates, Thai gaming venues could generate more than $15 billion in annual in gross gaming revenue. Should that forecast prove accurate or be exceeded, it’d make Thailand one of the largest casino markets in the world. While that pace of GGR would trail Macau and Nevada, it’d be more than enough to rival or beat Singapore.
The ruling Pheu Thai Party has acknowledged that Thailand is now trailing other countries in the region, including Cambodia, Myanmar, the Philippines, and Singapore, when it comes to legalized gaming. Currently, Thailand has no legal casinos or sports betting, but the country has more than its share of illicit gaming dens, which create problems for those communities and local law enforcement.
Thailand Could Be Vibrant Casino Market
The ongoing political momentum in Thailand for integrated resorts is important on a number of fronts, including the country’s ambition of getting some of those venues open before MGM Osaka debuts in 2030. Additionally, a hospitable regulatory environment could be pivotal in luring big name operators.
It’s believed Las Vegas Sands, MGM Resorts International, and Wynn Resorts are among the global gaming giants that are interested in pursuing Thai licenses. MGM said it would do so through its MGM China unit.
Experts believe Thailand will opt for a 17% tax on gross gaming revenue (GGR) — the same rate applied in Singapore. That tax rate is viewed as attractive and would be competitive with other casino markets in the region.
