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Casinos Odds on favorite for Thailand

Casinos Odds on favorite for Thailand

The Ministry of Finance has been instructed to speed up its study of an integrated entertainment complex project and draft laws needed to regulate such businesses, which are expected to include casinos, says government spokesman Chai Wacharonke.

Prime Minister Srettha Thavisin has assigned Deputy Finance Minister Julapun Amornvivat to expedite the study and take into consideration a report prepared by a House committee that the cabinet acknowledged on April 9, Mr Chai said on Tuesday after the weekly cabinet meeting.

He said the ministry has also been tasked with drafting new legislation and regulations required to regulate entertainment complexes and present the findings to the cabinet when ready.

According to Mr Chai, the value of the integrated entertainment complex industry reached US$1.5 trillion in 2022 and the industry’s growth in 2028 was estimated at $2.2 trillion.

Entertainment complexes generate huge income for many countries and regions each year. He put the figures at $32 billion for Macau, $30 billion for Las Vegas and $12 billion for Singapore. With Japan now planning three such projects, Thailand would have to speed up work on its plans to get its fair share of the overall global revenue, he added.

Citing the House committee’s report, Mr Chai said the project was expected to generate at least 12 billion baht in income tax for the country in the first year.

The study conducted by the House committee focused on three aspects: the implications on the economic, social, educational and cultural policies of having such a venue in Thailand; the business structure and revenue collection; and the legality and criteria for laws with regard to entertainment and gambling regulations.

Five venues are reportedly seen as potential hosts for this project: two in Bangkok and one each in the Eastern Economic Corridor (EEC), Chiang Mai and Phuket.

It has been proposed that casinos occupy no more than 5% of the usable space in such complexes.

credit Bangkok Post

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