The Thai government is making progress toward the legalization of integrated resorts (IRs) with casinos, as the cabinet endorsed a special House committee report advocating for this move. The Ministry of Finance has been given 30 days to conduct an additional feasibility study.
This development, reported by The Bangkok Post, marks a step forward in Thailand’s casino legislation process, occurring less than two weeks after the House of Representatives overwhelmingly supported the study.
Despite the legislative progress, Government spokeswoman Kenika Ounjit emphasized that any decision to proceed with legalized casinos would be subject to public hearings.
Ounjit highlighted the government’s vision of fostering a vibrant “fun economy,” encompassing tourism, sports, entertainment venues, and MICE (Meetings, Incentives, Conferences, and Exhibitions) businesses.
The cabinet’s endorsement includes recommendations for joint investments between the government and private operators, potentially adopting a concession model akin to Macau’s casino industry. Furthermore, the proposal suggests locating IRs near international airports to enhance accessibility for international visitors.
Should the legislation proceed, a new casino law would need to be enacted, accompanied by the establishment of a dedicated government body to oversee responsible gambling practices.
The report advocates for IRs comprising casinos, hotels, shopping malls, and amusement parks, each requiring a minimum investment of THB100 billion ($2.7 billion). Proponents argue that legalizing these entertainment complexes would not only stimulate economic growth but also deter citizens from engaging in illegal gambling activities.
Furthermore, the study suggests that the introduction of IRs could significantly increase average tourist expenditure by 52 percent, potentially boosting tourism revenue by $12 billion and augmenting the country’s GDP growth by 1.16 percentage points.
A recent report from Maybank Securities projected that Thailand could inaugurate its first IRs as soon as 2029, positioning the country ahead of Japan in launching casino gaming. Japan’s MGM Resorts International-led IR development in Osaka is not expected to be completed until at least 2030.
Original article: https://www.yogonet.com/international/noticias/2024/04/11/71692-thai-cabinet-endorses-report-for-legalizing-integrated-resorts-with-casinos
