Thai Finance Ministry to Lead Review of Casino Study
The House of Representatives research that may open the door for regulated casinos in Thailand will be considered by the Ministry of Finance of that country.
One of the 17 government organizations examining the viability of introducing casino gaming to Thailand is the Finance Ministry. The Finance Ministry has been given a month to report to the cabinet on the matter of casinos, according to a "urgent letter" that the Cabinet Secretariat released earlier this week.
The ministries of tourism and sports, social development and human security, higher education, science, research, and innovation, agriculture and cooperatives, transportation, interior, justice, labor, culture, education, public health, and industry are among the other government bodies taking part in the review.
The Thai House of Representatives approved the concept of entertainment districts across the nation in a vote that took place in late March, with 253 of 257 members voting in favor of the motion. It was anticipated that some of those venues would include casinos.
Thai Casino Concept Is Getting Popular
The idea of Thailand hosting legal gaming establishments has gained traction this year, and more regulatory clarity may surface in the upcoming months thanks to support from Prime Minister Srettha Thavisin and Deputy Finance Minister Julapun Amornvivat.
If the cabinet secretariat approves the conclusions of 17 agencies, the nation will establish a policy committee under Thavisin's direction to investigate the possible economic effects of casinos and other matters. A second committee, made up of leaders from several agencies, would also be established to look into a range of subjects pertaining to the entertainment areas, including gaming.
Due to its effectiveness in pushing the casino issue, Thailand may draw the interest of significant international gaming corporations and be in a position to open its first gaming establishment ahead of MGM Resorts International's (NYSE: MGM) integrated resort in Osaka. 2030 is when the first casino hotel in Japan is anticipated to open.
Thailand has good reasons to develop entertainment zones more quickly. A $2.75 billion capital investment would be needed for each site, suggesting a windfall for public coffers. In addition, despite the fact that neighboring Myanmar is experiencing a civil war, enthusiastic Thai bettors continue to travel there to place bets. Policymakers anticipate that by establishing casinos in Thailand, residents will travel outside for gaming-related purposes less frequently.
Further Chatter from Thai Casinos
A 17% tax rate is also recommended by the House-approved study that the Ministry of Finance and the other 16 agencies are currently reviewing. The gambling industry is probably going to be pleased with this proposal. According to the analysis, gaming establishments might increase Thailand's GDP by up to 1.16% a year.
Additionally, it is predicted that Thailand's entertainment areas, which include casinos, will contribute to a 52% increase in foreign visitors. Thailand is a nation that mostly depends on foreign visitors to fuel economic growth.
According to Maybank analysts, the nation may authorize up to eight gambling licenses in the expectation that some of the biggest operators in the US and Asia will submit bids for those licenses.