The revised draft law, released on February 15, limits casino space to 10% of each entertainment complex
Thailand is tweaking its plans to make casinos legal inside entertainment complexes. It is bringing in tougher rules as more people speak out against the idea.
Thai Government Pushes Casino Reforms, Aims for Global Gaming Market Share
The government wants to strike a balance between making money and addressing social issues. At the same time, it hopes to make the country a strong competitor in the world’s gaming market.
A new version of the proposed law made public on February 15, sets a cap on casino space at 10% of each entertainment complex, reported Bloomberg. Furthermore, the law requires separate entrances for casinos and makes Thai nationals disclose their finances if they want to gamble. These rules aim to reduce the chances of gambling addiction. The planned complexes must include at least four other types of businesses, like hotels, shopping centers, amusement parks, or yacht clubs, to stress their focus on tourism and fun.
Officials have made it clear that they will pick casino locations, with a special group in charge of approving sites.
The Thai government recognizes the considerable financial opportunities in making casinos legal. They expect more foreign money to come in and that they will collect more taxes. Big names in the gaming world are keeping an eye on what is happening in Thailand. Companies like Galaxy Entertainment, Wynn Resorts, MGM Resorts, and Las Vegas Sands are ready to jump in if Thailand legalizes casinos.
Experts See Thailand as a Casino Powerhouse, But Many Citizens Oppose Legalization
Experts think Thailand could become a big player in the global gaming scene. Last year, Citigroup put out a report saying that once up and running, Thai casinos could bring in $9.1 billion each year. This would put Thailand ahead of Singapore in the world rankings right behind Macau and Las Vegas.
Even with the potential for economic gain many Thai people still doubt the wisdom of allowing casinos. A recent poll showed that over half of those asked did not support the government’s idea to permit casino investments and make online gambling legal. People worry about the dangers of gambling addiction and how it could harm society.
To tackle these issues, the updated bill sets tough entry rules for Thai citizens. Locals must show proof of a fixed-deposit bank account with at least 50 million baht ($1.5 million) kept for six months to enter casinos. Foreign guests though just need to be 20 or older.
The law also makes sure Thai people get job opportunities in this field. Casino owners must hire local workers in numbers set by a government group led by Prime Minister Paetongtarn Shinawatra.
If approved, Thai-registered companies with at least 10 billion baht ($296.3 million) in paid-up capital will run entertainment complexes. Casino licenses will last 30 years costing 5 billion baht ($148.1 million) upfront and 1 billion baht ($29.6 million) to renew. Companies can get extensions up to 10 years at a time.
