Thailand’s government aims to legalize gambling to attract foreign investment, boost tax revenue, and curb illegal gaming activities
Thailand’s plan to make casinos legal has gotten a big thumbs up from the public. Government officials have said they are open to changing some rules to make it easier for locals to go to these casinos. The Finance Ministry held a public hearing from February 28 to March 14. Official sources say almost 80% of people who took part backed the proposed law. More than 70,000 people shared what they thought about the draft bill. They showed both support and concerns about what is in it.
Thailand’s Casino Bill Aims to Attract Investment, But Sparks Gambling Addiction Concerns
This year, Thailand’s government wants to pass laws allowing casinos. They hope this will bring in foreign money, increase tax revenue, and stop illegal gambling. However, some people do not like this idea. Opposition parties and anti-gambling groups say it will help big companies and foreign investors while making gambling problems worse for society.
For a long time, big gaming companies from other countries have seen Thailand as a good place to do business because of all its tourists. Companies like Galaxy Entertainment Group and MGM Resorts International are looking at investing in Thailand. They want options besides Macau where rules keep changing. Las Vegas Sands Corp. has also said it wants to expand into Thailand.
To tackle worries about gambling addiction, the Council of State has made changes to the bill adding tough entry rules for Thai citizens. The new law says casinos can take up 10% at most of the total space in big entertainment centers. In addition, Thai people who want to gamble must show they have enough money. They need bank papers proving they have had at least 50 million baht ($1.5 million) saved for six months in a row. On the other hand, visitors from other countries just need to be 20 years old or older.
Debate Grows Over Casino Bill’s Space Limits and High Entry Fees for Locals
A portion of the public has voiced concerns that the 10% space limit for casinos might be too tight. They suggest that bigger gaming areas with better monitoring could work better. Some people also think the financial requirements for Thai players to enter are too high, which could stop many locals from taking part.
Deputy Finance Minister Julapun Amornvivat said the government would look at what the public has suggested before they finish the bill for the cabinet to approve, reported Bloomberg. After the cabinet gives it the green light, the plan will go to the House of Representatives and the Senate to discuss further.
The suggested plan calls for Thai-registered companies with at least 10 billion baht ($294 million) in paid-up capital to run entertainment complexes. To get a casino license, businesses must pay 5 billion baht ($147 million) for a 30-year permit to start then 1 billion baht ($29 million) each year to keep it going. They can stretch out their licenses for 10 more years when they renew.
A special group led by the prime minister will make the big decisions about tax rates, who gets licenses, and where these places can open. Early talks hint that they might give out licenses in popular tourist spots like Bangkok, Chiang Mai, and Phuket.As Thailand pushes ahead with its new law, the country looks set to become a big name in the world’s gaming scene. This could bring in millions of tourists from abroad and boost the economy in a considerable way.
