Thailand assembly votes in support of study on casino legalization

The House of Representatives in Thailand unanimously approved a study on Thursday that recommended adding casinos to large entertainment facilities that are being constructed for the nation.

As to the sources, the plan was supported by 253 out of 257 members in the lower chamber of the National Assembly. Previous rumors suggested that a “bill” may be enacted on that day.

The study, according to Deputy Finance Minister Julapun Amornvivat, will be presented to the cabinet of the national government for a decision on whether or not legalizing casinos is “appropriate for the nation.”

The first entertainment complex may open as early as 2029, according to Maybank Investment Bank Bhd, assuming a two-year timeline for regulatory framework clearance and a three-year building period. This schedule may be earlier than the anticipated 2030 opening of MGM Osaka, Japan’s first casino resort.

Samuel Yin Shao Yang, an analyst with Maybank, pointed to potential regional competition, particularly for Genting Singapore Ltd. and NagaCorp Ltd., but he issued a warning: five years is a considerable time frame.

The 17% gaming tax rate that Thailand is proposing includes social safeguards that are on par with those that Singapore is suggesting.

According to Maybank, licensees operating in the Thai market are required to be locally incorporated and possess a paid-up capital exceeding THB10 billion, or US$270 million. A minimum capital expenditure of THB 100 billion (US$2.7 billion) is required for the first set of licenses, which have a 20-year initial term and are renewed every five years.

The most well-liked locations for casino resorts are the northeast, south, and east of the Eastern Economic Corridor, all of which are developing their infrastructure to draw in more tourists.

Building casino resorts in Thailand may increase average tourist spending by 52%, to THB65,050 per trip, according to new study. By 2027, the National Economic and Social Development Council wants to see 80 million foreign visitors annually, more than Thailand now has residents.

Original story by: GGRAsia