A draft bill on entertainment complexes is likely to be submitted to Thailand’s cabinet for consideration within this year, after which it will be sent to the House of Representatives for deliberation, according to the nation’s Deputy Finance Minister Julapun Amornvivat.
Julapan’s comments, as reported by The Bangkok Post, come after the draft bill recently went through public hearings, garnering 82% support. The Fiscal Policy Office subsequently revealed plans to submit a detailed list of 45 recommendations to the cabinet to overhaul the bill.
According to Julapan, the bill is on track to be submitted this year, leaving time for it to reach the House of Representatives when it reconvenes for its regular session from mid-December 2024 until April 2025.
Julapan also outlined latest government forecasts, suggesting entertainment complexes could boost foreign tourism by between 5% and 20% and spend per visitor from around TBH40,000 currently to TBH60,000. It is also seen as a means of providing employment opportunities for locals.
“I hope as many Thais as possible will be employed in the entertainment complexes, which may require training to ensure they have the necessary skills,” Julapan said.
As previously reported by Inside Asian Gaming, the draft bill on entertainment complexes outlines plans to develop large-scale entertainment venues to be operated by private companies with a minimum paid-up capital of at least TBH 10 billion (US$285 million).
It has been recommended that the gaming areas in legalized integrated resorts should not exceed 5% of the total project area, with the remainder to be utilized for complementary hotel and entertainment offerings. The bill also calls for the projects to be joint investments between the government and private operators, which could follow a concession model similar to that utilized in Macau.
While the exact number and locations of such IRs has yet to be determined, everywhere from Bangkok and surrounding areas to the likes of Pattaya, Phuket, Rayong and Chiang Mai have been proposed.
A recent note from Maybank claimed that Thailand could open its first IRs as early as 2029, which would result in the Southeast Asian nation realizing legal casino gaming ahead of Japan where MGM Resorts International’s US$10 billion IR development in Osaka isn’t slated for completion until at least 2030.
Brokerage CLSA has stated that a legalized Thai casino market could generate annual gross gaming revenues of US$15.1 billion in the long-term, making it the third largest market globally based on current GGR levels.
RelatedPosts
