Thailand Advances Casino Project Amid Overwhelming Public Support

[snoop1130]

 

Thailand's newly-appointed Deputy Finance Minister, Julaphan Amornvivat, has announced significant progress in the country's Entertainment Complex (Casino) project. Following a series of comprehensive public hearings, over 80% of respondents expressed approval for the initiative, propelling it closer to realisation.

 

The casino project, initially developed in Parliament, is poised to proceed to discussions among coalition parties. If consensus is achieved, it will then be submitted to the Cabinet and Parliament for further evaluation. This development underscores the Thai government's commitment to leveraging the booming tourism and entertainment sectors to boost the national economy.

 

Julaphan highlighted the expertise within the new economic team, including Deputy Prime Minister and Finance Minister Pichai Chunhavajira and Deputy Finance Minister Paopoom Rojanasakul. Both bring substantial experience in capital markets, the private sector, and academic insights, promising a balanced approach to steering economic policies. Major initiatives in the pipeline include a digital wallet scheme, the creation of a financial hub, and the Vayupak Fund.

 

“Our economic team is well-rounded, combining practical experience with academic knowledge to drive our initiatives forward,” Julaphan stated confidently.

 

Meanwhile, the Tourism and Sports Minister, Sorawong Thienthong, expressed his vision for sustaining and growing Thailand's tourism sector. He plans to continue former Prime Minister Srettha Thavisin's policies, especially regarding visa-free agreements and promoting domestic tourism to bolster the local economy.

 

 

 

 

"We intend to maintain the momentum in tourism by extending visa-free agreements and encouraging local travel, which will significantly benefit our economy," said Sorawong.

 

The Entertainment Complex Act, a keystone of this initiative, is currently in draft form and will undergo further scrutiny in a public hearing mandated by Section 77 of the constitution. This feedback is crucial before the bill proceeds to the Cabinet. The bill outlines stringent regulations for the casino industry, including a substantial licence fee, regular assessments, and specific entry restrictions.

 

Key features include a 5 billion baht registration fee, an annual fee of 1 billion baht, and a significant entrance fee for Thai citizens. With a potential 30-year licence, renewable for up to another 10 years, this could be a long-term economic boon for Thailand.

 

Proponents argue that these complexes will significantly bolster tourist spending, echoing successes seen in places like Macau and Las Vegas. The global business value of casino-based entertainment complexes was reported at US$1.5 trillion in 2022, with expectations to reach US$2.2 trillion by 2028.

 

While the proposal is largely supported, it has faced criticism from opposition figures concerned about regulatory enforcement.

 

As Thailand moves toward a potentially lucrative future in the global casino market, much hinges on meticulous planning and effective governance to ensure the initiative's success. With broad public support and a robust policy framework, the Entertainment Complex project is set to be a transformative venture for Thailand's economy.

 

File photo for reference only

 

-- 2024-09-06

 

 

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[Gaccha]

20 minutes ago, snoop1130 said:

Entertainment Complex Act

 

Entertainment Complex Bill

 

If approved it will become an Act. That could be a long time away. 

[bkk6060]

Bali Hi Pattaya would be a great place.  Lots of room there, ocean front, hotels and entertainment.  Near WS and Koh Larn transport.  Perfect.

Edited September 6 by bkk6060

[oxo1947]

I have been here about 26 years and they have talked about it every one of those years---even picked the place out -- The Ambassador City Jomtien--  so I guess tick off another year.........

[steven100]

just make sure there's a 7-11 at every exit so the losers can buy a cheese sandwich on their way home to tell the missus they've lost this months salary   

[nobodysfriend]

14 hours ago, snoop1130 said:

This development underscores the Thai government's commitment to leveraging the booming tourism and entertainment sectors to boost the national economy.

 

I wonder sometimes who writes all that $hit ...?

There is money to be made and it will be made , even if Casinos are no exact fit to the family friendly international tourist hub ... but who cares ...?

[redwood1]

80% support being able to lose their money, putting them self into crippling debt..And maybe ending up homeless..

[spidermike007]

The real issue is going to be finding investors, why would someone invest a fortune in a casino knowing that the next government might decide they no longer want them. Look at what happened right next door in Cambodia some cities are like ghost towns due to the change in the law. 

 

 

[rumeaug]

Given the Thai overwhelming love for gambling (on and off line) , expecting a massive gambling-addiction epidemic and ridiculous household-debts....

[nahkit]

17 hours ago, oxo1947 said:

I have been here about 26 years and they have talked about it every one of those years---even picked the place out -- The Ambassador City Jomtien--  so I guess tick off another year.........

Ok, but maybe this time it really is different.

 

"MGM, which is set to manage an entertainment resort in Dubai, has set up a base in Thailand and was one of a number of firms that spoke with a Thai parliamentary committee looking into legalising casinos"

 

https://www.straitstimes.com/business/galaxy-mgm-are-said-to-explore-opening-casinos-in-thailand

 

All the other years did any of the major players actually set up a base here?

 

Can't remember when exactly, but a year or so ago there was an article on here regarding an advert placed through the Thai labour office about MGM recruiting Thai nationals to travel to MGM's casino in Macau and train as croupiers plus other positions associated with the industry. 

 

Maybe MGM believe it's really going to happen this time?

[watchcat]

23 hours ago, rumeaug said:

Given the Thai overwhelming love for gambling (on and off line) , expecting a massive gambling-addiction epidemic and ridiculous household-debts....

 

Indeed, they can't even handle a simple task like buying a lottery ticketwithout ending in dept, sad really.