Thailand’s cabinet will today review the latest version of the nation’s draft entertainment complex bill, with all eyes on the status of a recent revision that would require locals to hold at least THB50 million (US$1.5 million) in their bank accounts to enter legal casinos.
The revision has caught the global investment security off-guard, with some stakeholders telling Inside Asian Gaming that implementation of such a requirement would be a deal breaker for potential operators currently keeping an eye on the Thai opportunity. Others have suggested that while such a law would not necessarily drive them away completely, it would drastically alter potential investment levels. A proposed minimum investment level of US$3 billion is seen as impossible under such circumstances.
Government representatives recently claimed that the US$1.5 million bank requirement – a recommendation of the Council of State – was unlikely to be approved by the cabinet, however Deputy Finance Minister Julapun Amornvivat said last week that the amendment would remain in place when the bill was forwarded onto parliament for approval. Julapun added that parliament holds the power to make changes as they see fit with the government to propose a less restrictive entry barrier instead that would require Thai locals to prove they have paid income tax to the Revenue Department for three consecutive years.
The draft bill also proposes a THB5,000 (US$150) entry fee for locals, while a previous stipulation that casino space be limited to 5% of the total resort floor area has been increased to 10% although details around exactly what areas are considered casino space have to be clarified.