Thailand is pressing ahead with plans to set up its first-ever official casinos as part of a broader push to legalize gambling and create a mega-entertainment complex. This move marks a significant shift in policy for a country where most forms of gambling are currently illegal. The government has decided to push ahead with the casino project after 80% of participants in a recent public hearing supported the proposal.
Neighboring Nations Have Already Legalized Casinos
A study by the Finance Ministry estimated that the casino project would predominantly attract Thai gamblers, who could make up as much as 90% of the customers. The government hopes giving players a legal avenue would help counteract the widespread underground betting in the country. Currently, only state-controlled horse racing and a national lottery are legally allowed.
Legalizing casinos is expected to help boost the economy, create jobs, and bolster state revenues while luring more tourists into the country. Most of the country’s neighbors, including Cambodia, Singapore, Myanmar, and the Philippines, have already legalized casinos. The ruling Pheu Thai Party has argued Thailand must be able to compete with these nations in the gaming sector.
Thaksin Shinawatra, a key figure behind the current government, has been vocal in his support for legalizing gambling. In a recent speech, he outlined the benefits of regulating and taxing gambling activities. He argued this measure would generate significant revenue for the country and help formalize a sector that already operates informally on a large scale.
Gambling Regulation Should Bring Substantial Benefits
The Thai Ministry of Finance is spearheading a massive entertainment complex featuring casinos. The bill to legalize the project will incorporate feedback from the public hearing and head to the cabinet for approval. Once the bill passes this milestone, it will go to the Council of State for review before moving to the House of Representatives for a final decision.
We will now adjust the bill based on the feedback and discuss it with our coalition partners before sending it to the cabinet for approval.
Julapun Amornvivat, Deputy Finance Minister
Under the proposed regulations, only public companies with a registered capital of no less than 10 billion baht ($300 million) can operate gaming establishments. They would also need to acquire a 30-year license from the Entertainment Complex Policy Committee, with the option for 10-year renewals. Each license will have a fixed cost of 5 billion baht ($149 million) with an annual fee of 1 billion baht ($30 million).
While previous attempts to legalize gambling have met resistance from conservatives, the current administration is confident about this fresh attempt. While this measure goes against Buddhist values, the overwhelming public support highlights how most Thai citizens recognize the need for reforms in the face of an ever-growing black market sector and rising competition abroad.
Source : GamblingNews