Thai government stakes its future on casino complex amid pressure

[snoop1130]

 

The Government of Thailand is under pressure to review the specifics of the proposed casino and entertainment complex, aimed at boosting economic growth. According to Senator Sangsit Piriyarangsan, who has been investigating casino legalization, the current plan requires adjustments.

 

Sangsit argues that the bidding process for the casino complex project should not be exclusive to Thai companies. By enabling foreign entities to participate, concerns of favoritism, corruption, and lack of transparency could be mitigated. He maintains that this approach would enhance public confidence in the project, assuring it is for the nation’s benefit.

 

Furthermore, Sangsit believes the stipulation that the proposed casino complex must be within 100 kilometers of an airport hinders potential investment. He suggests less stringent parameters and recommends emulating the Singapore model, where casino complexes cater to meetings, incentives, conferences and exhibitions (MICE) groups and gamblers alike. He also calls for an efficient transport system, like an electric train service, to link the venue to the airport.

 

To counteract the potential negative effects of gambling, Sangsit proposes implementing measures such as an entrance fee of 2,000 baht per person and a minimum age restriction. He also advocates for a system where families can report gamblers to a gambling control committee if gambling is causing detrimental economic impact.

 

Sangsit insists that the law should clearly specify how much revenue from the casino complex will be used for public benefit. He suggests that these funds could be allocated to care for the elderly, contribute to public health, and establish a fund against youth gambling and treatment for gambling addicts.

 

Moreover, Sangsit urges the government to expedite the bidding process and shorten the completion timeline for the winning private sector bidder to one-to-two years, preventing potential delays due to rapidly changing market conditions and demand.

 

Integrated entertainment

 

Deputy Finance Minister Julapun Amornvivat, chairman of a special House committee studying the potential of an integrated entertainment complex and casino, stated that such a complex would combine various types of entertainment, promoting a new format of tourism to increase state revenue while addressing illegal gambling issues.

 

According to Statista, integrated entertainment complexes worldwide were valued at US$1.5 trillion in 2022, with a projected growth of US$2.2 trillion by 2028. Macau, the US, Singapore, South Korea, the Philippines, Vietnam, and Indonesia are among the countries with the highest income from this sector.

 

Studies indicate that integrated entertainment complexes significantly impact Singapore’s economy, attracting over 300 billion baht in foreign investment, expanding tourism revenue by 47%, and creating over 20,000 high-income jobs.

 

The study submitted to Parliament on March 28 revealed that the legalization of integrated entertainment complexes and casinos decreased the rate of gambling addiction and illegal gambling. The study also noted that revenues from casinos consist of three key components: the casino tax, licensing fees, and a casino entry fee.

 

The Thai House study suggested that the country could increase tourism revenue by about US$12 billion by legalizing casinos in large entertainment complexes. The additional income could bolster the country’s GDP growth by 1.16 percentage points.

 

By Alex Morgan

Caption: Picture of a croupier at an illegal casino in Nonthaburi province, courtesy of Bangkok Post

 

Source: The Thaiger 2024-04-01

 

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[zhounan]

I smell Chinese brown envelopes from here

[bobbin]

So.. legal casinos, same-sex marriage, IVF (wombs for rent) but..

 

"No weed for you bro.."

 

Geez...

[hotchilli]

12 hours ago, snoop1130 said:

Sangsit argues that the bidding process for the casino complex project should not be exclusive to Thai companies. By enabling foreign entities to participate, concerns of favoritism, corruption, and lack of transparency could be mitigated. He maintains that this approach would enhance public confidence in the project, assuring it is for the nation’s benefit.

Ohhh yeah, Chinas involvement would enhance everyones confidence. 

[ignore it]

I bet Sangsit has a dog in this fight.

[Callmeishmael]

This is classic TRT 2.0.  All of Thaksin's old policies are being brought back:  Casino, crackdown on drugs, emphasis on nationalism/xenophobia...  it's 2001 all over again! 

 

I wouldn't be surprised to see a massive increase in Visa/extension fees and a new Rice Scheme!

[Wrwest]

Pattaya, Thailan's remade Las Vegas? Hmm, perhaps closer to the Chinese border?

[OneZero]

Who knows. 

But with respect to his proposals, they looked very sensible to me. 

[OneZero]

4 hours ago, ignore it said:

I bet Sangsit has a dog in this fight.

Who knows. 

But with respect to his proposals, they looked very sensible to me. 

[Trippy]

If they were smart they would let an American casino company build and run the casinos. Nobody does it better.

[John Drake]

19 hours ago, snoop1130 said:

By enabling foreign entities to participate, concerns of favoritism, corruption, and lack of transparency could be mitigated.

 

"Foreign entities" = Chinese

[jingjai9]

How can they advocate for this yet threaten to put an end to legal cannabis? The cannabis industry can do for Thailand all of the things the casino industry can do? I am not saying cannabis revenue would surpass Legal casinos, but from the sounds of the proposal stated herein, I would think more revenue from the cannabis industry would stay in Thailand than that of the casino and gaming industry; especially if they allow foreign investors and partners to participate. 

Also, there are studies that have been conducted which suggest that areas with legalized gaming experience an uptick in crime such as prostitution, drug use and theft.