House approves investigation that advises the creation of entertainment complexes
PUBLISHED: 28 Mar 2024 at 21: 32
Thailand has made its first move toward legalizing casinos in order to support the economy while also preventing income leak from illegal gambling. The government wants high-paying tourists to visit the country to support the economy.
A board of politicians ‘ recommendations to help games to be housed within big entertainment structures were approved by the House of Representatives on Thursday. The program received 253 votes out of the 257 existing legislators.
Julapun Amornvivat, deputy finance minister, stated that the study may be forwarded to the cabinet to decide whether legalizing casinos is” appropriate for the nation.”
Thailand is the most recent nation to think about competing for a share of the global game market, which IBIS World projections generated$ 263 billion in revenue next year.
The emirate of Abu Dhabi and Ras Al Khaimah were seen as the finalists when the United Arab Emirates established a model for legalizing gambling in September.
As a hedge against uncertain hopes in Macau, Galaxy Entertainment Group and MGM Resorts International have been researching possible entry of casino hotels in Thailand. Casino owners in Singapore and the Philippines are competing with Macau, which generated$ 22.75 billion in game revenue next year.
Thailand could increase tourism revenue by about$ 12 billion a year thanks to the study by the House panel, which found that legalizing casinos and putting them in large entertainment complexes would increase their revenues. When the entertainment centers are constructed, regular tourist spending could increase by 52 % to 65,050 baht per journey, which would add up to 449 billion ringgit, according to the study.
Srettha Thavisin, the prime minister, has been vocal in his support of the government’s efforts to boost foreign investment and promote hospitality, on Thursday. He praised the program to legalize what he called” the grey market” for better oversight and correct tax collection.
” It’s time for our world to quit hiding the playing, which is out there, and just effectively manage and take care of it”, he said.
” I’m not sure when the rules may be passed and an entertainment complex will begin to operate. It will most likely take some time. During the time period, we need to handle those improper activities”.
Any beginning of casinos would be seen as in line with the latest embrace of some liberal ideas to revive a hospitality industry that has yet to reach its pre-pandemic highs despite the majority of gambling being prohibited in Thailand.
Thailand became the first nation in Asia to decriminalise marijuana in 2022, despite the Pheu Thai-led administration’s recent move to ban its outdoor use. Additionally, the nation is expected to become the first in Southeast Asia to legalize same-sex unions.