GGRAsia – Thai report on casinos plan within 4 weeks: finance ministry

Thai report on casinos plan within 4 weeks: finance ministry

Jun 20, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck

Thailand’s deputy finance minister Julapun Amornvivat (picture in a file photo) said a report regarding a proposal to legalise casino business and gaming resorts in that nation would be ready for deliberation by the cabinet in three or four weeks.

He made the comments to local reporters on Wednesday, according to The Nation newspaper.

The assessment effort led by the Ministry of Finance took into consideration a House of Representatives report on the subject voted on by the National Assembly at the end of March, and acknowledged by the country’s cabinet on April 9.

The Ministry of Finance is leading 16 other government agencies in the study on the feasibility of legalising casino resorts in that nation.

That study is said to have looked at three key elements: the economic, social and cultural impacts of having a casino resort industry in Thailand; business structure and revenue collection; and legality and criteria for laws for such an industry.

On Wednesday, The Nation reported Mr Amornvivat as saying that the 16 government agencies had submitted their views to his ministry, which would now compile the opinions before submitting the report to the cabinet for approval.

The deputy finance minister also said that all the government agencies “had agreed” that entertainment complexes, each with a casino, could boost Thailand’s economy.

Regarding the social impact, he added, a number of agencies proposed mechanisms to ensure proper responsible gambling policies.

Mr Amornvivat said also that the report would propose the establishment of a national committee to oversee the establishment of casino resorts. It would have representatives from several government agencies, he added.

Each casino resort would require at least THB100 billion (US$2.75 billion) in investment, as suggested in the House committee report.

According to industry observers, five possible locations had so far been mentioned for such resorts. Two were in the capital, Bangkok, and there had been mention of one each in: the country’s Eastern Economic Corridor; Chiang Mai; and Phuket.

A March report from Maybank Investment Bank Bhd stated that licences would in likelihood “be awarded in phases,” with the possibility of the first casino resort in Thailand opening “in 2029”.

Speaking at the conference segment of the Global Gaming Expo (G2E) Asia 2024 in Macau earlier this month, some casino industry observers cautioned that the casino opportunity in Thailand was constrained by certain risks, particularly whether there would be a sound regulatory framework able to attract international investors.