Former Thai Prime Minister Thaksin Shinawatra – the influential father of Thailand’s newest PM Paetongtarn Shinawatra – has confirmed his support for legalized casinos in the most positive sign yet for industry supporters since former leader Srettha Thavisin was removed from office last week.
Thaksin delivered a lengthy talk on Thursday titled “Vision for Thailand” in which he outlined his views on the country’s sluggish economy and the key measures that are needed to stimulate growth in the future.
Among those measures are legalized casino resorts, with Thaksin stating he backs the development of large-scale IRs being proposed by the government due to the significant investment they can attract. An IR in Bangkok, he noted, would attract investment of around TBH100 billion (US$2.90 billion) and those in other provinces around TBH50 billion (US$1.45 billion) each, according to an update by Bloomberg.
Thaksin’s comments support the predictions of industry experts, with William J Jones, Assistant Professor of International Relations at Bangkok’s Mahidol University International College, having told IAG last week that, “Thaksin and his daughter as new PM will continue with the casino plan, as tourism including MICE is a major plank of [their party] Pheu Thai’s economic policies.”
Thaksin also backed during his lengthy speech on Thursday a TBH500 billion (US$4.5 billion) handout plan by which around 50 million people would receive TBH10,000 each through a digital wallet, with the funds only able to be spent locally and within six months.
“It will be an immediate economic boost in September,” he said. “We need to stimulate the economy as our country has grown slowly for a long time.”
Speaking about the nation’s economic situation, Thaksin added, “I think the Thai economy hasn’t hit the bottom yet but it’s unlikely to slide any further. The government has done many things and that will help control the situation.
“The government needs to take the lead and the private sector should also help.”
While Thaksin is not officially part of the Pheu Thai party his daughter now leads, his influence is enough to have most political observers believe he will play a significant role in shaping policy. The appointment of Paetongtarn as Prime Minister presents a pathway back for Thaksin, who was himself overthrown by a military coup in 2006 and spent 15 years in exile before returning to Thailand last year. He subsequently served a six-month prison term, reduced from an original eight-year sentence due to royal pardon, after being charged with conflict of interest, abuse of power and corruption during his time in power.
Jones told IAG last week that Thaksin is an “old hand at politics” and could be vital in helping sway the government’s coalition partners to support casino legislation after they recently expressed some hesitation.
The removal of Srettha of Paetongtarn also came in the midst of a two-week public feedback period following release of draft casino legislation earlier in August, which outlines key policy plans for the legislation including governance and operator requirements. That public feedback period came to a quiet end over the weekend.
