Entertainment compounds may provide badly needed income, says government official
PUBLISHED: 4 Jun 2024 at 19: 46
According to government spokeswoman Chai Wacharonke, the Ministry of Finance has been given the task of speeding up the study of an integrated entertainment complex project and draft legislation to regulate for businesses, which are anticipated to contain casinos.
Following the weekly cabinet meeting on Tuesday, Mr. Chai announced on Tuesday that Prime Minister Srettha Thavisin has appointed Assistant Finance Minister Julapun Amornvivat to quicken the study and take into account a report prepared by a House council that the government acknowledged on April 9.
He added that the government has also been given the task of creating new laws and regulations to govern entertainment facilities and to report the findings to the cabinet as soon as they are finished.
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 compounds make a lot of money for some nations and regions annually. He put the figures at$ 32 billion for Macau,$ 30 billion for Las Vegas and$ 12 billion for Singapore. Thailand would need to move quickly with its ideas to get its fair share of the overall global profits given that Japan is currently planning three of these tasks.
Mr. Chai stated in citing the House committee’s statement that the task was anticipated to result in at least 12 billion ringgit in income tax for the nation in the first year.
The findings of the House committee’s study included three aspects: the effects on Thailand’s financial, social, academic, and social policies of having quite a venue, the business environment and income collection, and the legality and standards for laws governing entertainment and gambling.
Five locations apparently show up as potential guests for this job: two in Bangkok and one in Chiang Mai and Phuket, respectively.
It is suggested that games should only take up 5 % of the available space in these structures.