Thailand looks to build gambling casinos to attract more visitors | kbnmart

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Thailand is moving ahead with plans to legalize casinos, aiming to boost the country’s appeal as a tourist hub and attract billions of dollars in foreign investment and tax revenue.

The State Council, the government’s legal body, has issued draft rules that would allow casinos to obtain an initial 30-year license. The rules are open for public comment until August 18. The licenses can be renewed for an additional 10 years, and the casinos would be part of large entertainment complexes that include hotels, convention centers and theme parks.

Thailand joins the United Arab Emirates and Japan in the race for a share of the global casino industry, which IBIS World estimates generated $263 billion in revenue last year. Companies such as Galaxy Entertainment Group Ltd. and MGM Resorts International Inc. are exploring opening casino resorts in Thailand as a hedge against the uncertain outlook in Macau. Las Vegas Sands Corp. has also expressed interest in expanding into Thailand if it becomes available.

Prime Minister Prayut Chan-o-cha, who has been in power for less than a year, has been actively promoting policies aimed at attracting foreign investment to Thailand. He supports the plan to legalize casinos to ensure better oversight and proper tax collection.

The 500-member House of Representatives has already backed a study by a committee of lawmakers that favors legalized casinos inside major entertainment venues to attract high-spending tourists. The study found that legalizing casinos would boost tourism revenue by about $12 billion.

Key points about Thai casinos:

• Bill DetailsThe proposed bill includes 30-year licenses, with a minimum capital requirement of 10 billion baht ($283 million).
• LocationsPotential locations for entertainment complexes include the greater Bangkok area, Phuket, Chiang Mai, and Chonburi, home to the beach resort of Pattaya.
• Economic impactTourism accounts for about 20% of Thailand’s total jobs and about 12% of the country’s $500 billion economy. Foreign arrivals this year through July have increased by about 34% to more than 20 million compared with the same period in 2023.