Doubts cast over Thailand’s ability to attract world’s largest IR firms

[webfact]

 

by Ben Blaschke

Survey shows more than 80% of Thais in support of legal casinos

Industry experts agree that a legalized Thailand casino industry now looks likely to become a reality, but have cast doubts on its ability to implement a regulatory framework strong enough to attract the world’s largest operators.

 

Despite the likes of Las Vegas Sands and MGM Resorts having expressed interest in the Thai market, Spectrum Gaming Group’s Senior VP Asia, Paul Bromberg, said Wednesday that recent attempts to legislate for medical marijuana – which instead wound up legalizing marijuana use nationwide – showed that government lacked the will to do the hard yards when it came to developing an internationally respectable regulatory system.

 

“The simple answer is no,” Bromberg told an audience of industry peers at the G2E Asia: Singapore conference when asked whether the Thai government had the will or ability to put in place the sort of regulatory system required for international investment.

 

Full story: https://www.asgam.com/index.php/2022/08/25/doubts-cast-over-thailands-ability-to-attract-worlds-largest-ir-firms/

 

-- © Copyright IAG 2022-08-25

 

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[Jerno]

"The simple answer is no."  Not surprising,  Pray-hoot and his Gov't are a laughingstock over their ineptness implementing cannibis legalization, so how could they possiblity regulate more strict requirements of casino industry in the Kingdom.

[Dogmatix]

2 hours ago, Jerno said:

"The simple answer is no."  Not surprising,  Pray-hoot and his Gov't are a laughingstock over their ineptness implementing cannibis legalization, so how could they possiblity regulate more strict requirements of casino industry in the Kingdom.

They did a good job legalizing cannabis.  it is now legal.

[wombat]

i have no doubt that once the green light is given the govt will be beating off investors with a very large stick

[wombat]

1 hour ago, Dogmatix said:

They did a good job legalizing cannabis.  it is now legal.

OT
they certainly did ...they identified the jugular and went for it...they took it off the narcotics list...jobs done....by-passing all the western need to have the i dotted and the t crossed.

now in true Buddhist fashion it is "up to you' what you make of it.
personally..having an armchair seat in the greatest cultural change ever is fantastic ...as is noting all western media are avoiding the subject like the plague just as they have done with the success Portugal has had with their approach.
lets not forget if it hadn't been for the American chemical companies & others political clout in having weed put in the same category as heroin in the world narcotics list it would never have been there in the first place.

Edited August 25, 2022 by wombat

[AussieinThaiJim]

3 hours ago, Jerno said:

"The simple answer is no."  Not surprising,  Pray-hoot and his Gov't are a laughingstock over their ineptness implementing cannibis legalization, so how could they possiblity regulate more strict requirements of casino industry in the Kingdom.

1 Baht for you and 1 Baht for me!

[scorecard]

1 hour ago, Dogmatix said:

They did a good job legalizing cannabis.  it is now legal.

I wonder if the former PM even knows/understands the end result re the weed discussions legislations?

[Jaybott]

12 minutes ago, wombat said:

 the govt will be beating off investors with a very large stick

Sounds like that'll hurt. 

[Mavideol]

4 hours ago, webfact said:

“The simple answer is no,” Bromberg told an audience of industry peers at the G2E Asia: Singapore conference when asked whether the Thai government had the will or ability to put in place the sort of regulatory system required for international investment.

but Chinese gaming industry is less demanding and doesn't care about Thai ability to regulate anything...  they did it in Cambodia, that's the option   555

[The Hammer2021]

1 hour ago, wombat said:

OT
they certainly did ...they identified the jugular and went for it...they took it off the narcotics list...jobs done....by-passing all the western need to have the i dotted and the t crossed.

now in true Buddhist fashion it is "up to you' what you make of it.
personally..having an armchair seat in the greatest cultural change ever is fantastic ...as is noting all western media are avoiding the subject like the plague just as they have done with the success Portugal has had with their approach.
lets not forget if it hadn't been for the American chemical companies & others political clout in having weed put in the same category as heroin in the world narcotics list it would never have been there in the first place.

You speak  the truth...Amazing Thailand!

[BonMot]

555

 

All of you are such simple folk.

 

Do you think any of the Thai players care anything about this? Unless each little mafioso gets his indulgence it's worthless to them.

 

So, it will be a Thai casino, owned by Thais, Thai financial backers or it won't be at all.

 

There are dozens of possibilities to create partnerships, raise GDP, create jobs and a future for the nation but none of it will happen as it has not.

 

Look at the Philippines, Cambodia, Bangladesh it's the same mindset.

 

Gambling... even worse for a nation than a bunch of weed heads.

[mrfill]

1 hour ago, wombat said:

OT
they certainly did ...they identified the jugular and went for it...they took it off the narcotics list...jobs done....by-passing all the western need to have the i dotted and the t crossed.

now in true Buddhist fashion it is "up to you' what you make of it.
personally..having an armchair seat in the greatest cultural change ever is fantastic ...as is noting all western media are avoiding the subject like the plague just as they have done with the success Portugal has had with their approach.
lets not forget if it hadn't been for the American chemical companies & others political clout in having weed put in the same category as heroin in the world narcotics list it would never have been there in the first place.

Anslinger just picked up the baton from William Randolph Hearst, who had been campaigning in his papers to make hemp illegal - he even started calling it marijuana to make it sound Mexican. Hearst had a monopoly in producing news print (the paper for newspapers) and didn't like the idea of cheap hemp paper production ruining his very profitable industry, so he used his papers and influence to make hemp illegal.

[Burma Bill]

30 minutes ago, BonMot said:

Cambodia

For reference, it is illegal for Cambodian people to gamble. On-line gambling is also illegal. The casinos are for foreigners only (which includes the Thais). This is a very interesting article about casinos in Cambodia and the problems they have created (especially slave labor). Thailand please take note.

 

https://thediplomat.com/2022/07/foreign-casinos-have-been-a-disaster-for-cambodia/#:~:text=Although the casinos exist only,direct investment that was funneled

[bristolgeoff]

This will always have support,save the thais travelling to the borders and gamble there.To set it up just look at other countries and those companies involved would love to be in the first stages.malaysian companies or chinese will be the first to knock on they door.

      Should have happened yrs ago for thailand as their neighbours have allready cashed in on that market

[VBF]

2 hours ago, Burma Bill said:

For reference, it is illegal for Cambodian people to gamble. On-line gambling is also illegal. The casinos are for foreigners only (which includes the Thais). This is a very interesting article about casinos in Cambodia and the problems they have created (especially slave labor). Thailand please take note.

 

https://thediplomat.com/2022/07/foreign-casinos-have-been-a-disaster-for-cambodia/#:~:text=Although the casinos exist only,direct investment that was funneled

Interesting article - additionally and slightly  some of these developments in Sihanoukville have turned a magical laid back beach paradise into a nightmare development, seemingly uncontrolled, as evidenced from the article. 

If you search, there are several articles on the old ThaiVisa, (presumably now on AN) all about Sihanoukville.

 

Mind you, the Thais managed to "achieve" the same result on Phuket without casinos!  Just the old adage "Money number one" was all that took ????

[Tropicalevo]

9 hours ago, Dogmatix said:

They did a good job legalizing cannabis.  it is now legal.

No it is not.

Medicinal cannabis is legal. Smoking it is not.

The confusion is the problem as explained in the article.

There are lots of restrictions but people are not aware of them.

[peterfranks]

I have a friend who is the private pilot for one of the biggest casino magnates in the world.

 

He told me recently that they are reducing their businesses in Macao, because of too many regulations, and will increase business in Singapore in the near future

[peterfranks]

6 hours ago, Burma Bill said:

For reference, it is illegal for Cambodian people to gamble. On-line gambling is also illegal. The casinos are for foreigners only (which includes the Thais). This is a very interesting article about casinos in Cambodia and the problems they have created (especially slave labor). Thailand please take note.

 

https://thediplomat.com/2022/07/foreign-casinos-have-been-a-disaster-for-cambodia/#:~:text=Although the casinos exist only,direct investment that was funneled

Because they are Chinese operated.

 

US operated casinos don't use slave labor

[SiSePuede419]

IR?

 

Infrared?

 

Jargon. ????

[StayinThailand2much]

11 hours ago, BonMot said:

Gambling... even worse for a nation than a bunch of weed heads.

Just what Thailand needs, with most households already over their heads in debt...

[hotchilli]

16 hours ago, webfact said:

Industry experts agree that a legalized Thailand casino industry now looks likely to become a reality, but have cast doubts on its ability to implement a regulatory framework strong enough to attract the world’s largest operators.

The worlds largest operators would trip over themselves to get involved.

The doubt I have is keeping corruption out of it by Thailands biggest players.

[zzaa09]

1 hour ago, hotchilli said:

The worlds largest operators would trip over themselves to get involved.

The doubt I have is keeping corruption out of it by Thailands biggest players.

Such projects wouldn't be allowed to proceed if they didn't have their numerous and filthy hands in the pie. 

The manner in which Thai business is done.

[hotchilli]

39 minutes ago, zzaa09 said:

Such projects wouldn't be allowed to proceed if they didn't have their numerous and filthy hands in the pie. 

The manner in which Thai business is done.

China would love to invest in casinos, but the issue is that they would fund it, they would build it, they would own it and all the money in it.

[sammieuk1]

Try a bridge and darts club first before aspiring to snakes and ladders ????

[mikebell]

Why would any International company invest anything in Thailand to immediately lose 51% of their shareholding in a country riddled from top to bottom with corruption in every walk of life?

[lujanit]

1 hour ago, mikebell said:

Why would any International company invest anything in Thailand to immediately lose 51% of their shareholding in a country riddled from top to bottom with corruption in every walk of life?

American companies would use the Amity treaty.

 

Background of the Thailand Treaty of Amity

The Thailand Treaty of Amity aims to provide significant advantages for US investors to run businesses in Thailand for both corporations and individuals. In particular, the Thailand Treaty of Amity provided the US two major trade advantages:

• The Thailand Treaty of Amity permits American companies to hold majority of the shares or the whole company, branch office or representative office located in Thailand.
• American companies may engage in business on the same basis as Thai companies, and are exempt from most of the restrictions of foreign investment imposed by the Alien Business Law of 1972.

[Bobydog]

19 hours ago, AussieinThaiJim said:

1 Baht for you and 1 Baht for me!

No surprise there, first the Gov would have to make a trumped up announcment pertaining to come from a newspaper and then employ a clever accountant (Not Thai) to hide their personal take from the investors lol

[VBF]

9 hours ago, StayinThailand2much said:

Just what Thailand needs, with most households already over their heads in debt...

Legalisation would make little difference (IMO)  - people who are inveterate gamblers will usually find a way.

[Purdey]

My understanding is foreigners can only hold 49% of a Thai business unless the BOI helps but I suspect Chat Taopoon will have big a stake. His casinos have made him rich enough to go legit. 

[Baron Samedi]

If Westerners aren't smart enough to jump on the opportunity, China will.

Would be really stupid imo.