Thailand has revised its casino policy, removing the P78 million (50 million baht, USD 1.5 million) deposit rule for locals. Instead, citizens must show a three-year tax history to enter.
After pushback from investors, Thailand has decided to change the rules about who can enter its proposed casinos.
Thailand’s initial proposal said locals needed to have at least PHP78,750,000 (around 50 million baht, or $1.5 million USD) saved in a bank in order to enter. Now, they must show they have paid taxes for three years. The PHP 7,875 (about 5,000 baht, or USD 15) fee to get in is still required.
This change has led to much discussion among experts and the public. Some people think it's a good move, as it allows for regulated gambling. Others are concerned about the possible negative effects on society. Here's a look at the reasons for the rule change, its potential economic impact, and the concerns people have.
Why the Rules Were Adjusted
The original rule, which required a large amount of savings, was seen as too restrictive. The government claimed that only a small number of people in Thailand had that much money. The government worried that this would push many people to gamble illegally, which is a widespread problem.
“The Ministry has checked the data and found there are only 10,000 Thai accounts with at least 50 million baht. So, the former requirement would push people to gamble elsewhere, which could be illegal,” Deputy Prime Minister Julapun Amornivat shared.
Officials believe that requiring a tax history is a better way to ensure that casino visitors have a stable financial background.
What This Means For The Economy, Businesses
Currently, gambling in Thailand is illegal. But the government recently approved the establishment of casinos within entertainment complexes, citing its capacity as a tourist powerhouse in Southeast Asia. The proposed casinos plan to help Thailand recover financially.
A report indicates that a significant portion of Thai adults would likely gamble if casinos were legalized. This could position Thailand among the top gambling markets globally.
The exorbitant fees, however, caused concerns for major casino operators, like Genting Singapore. They claimed they would need to limit their investments if most locals were excluded. The new policy could alleviate these concerns, making Thailand a more appealing location for casino development.
Furthermore, this change could stimulate tourism. Many tourists from China and other Southeast Asian countries travel to gamble in nearby countries like Cambodia and Singapore. A well-regulated casino industry in Thailand could generate substantial revenue each year, according to study.
Legal Processes and Public Opinion
The policy still has to go through review before it becomes an official law. As it stands, the Council of State is currently reviewing the amendment, and the cabinet will make the final decision.
Conservative groups strongly oppose the policy. They argue that casinos will harm society and clash with religious values. Organizations such as:
The Network of Students and People for Thailand’s Reform
The Centre of People for the Protection of the Monarchy
The Dharma Army have publicly voiced their concerns.
A recent opinion poll shows that many Thai citizens oppose casino legalization. However, proponents argue that proper regulation and taxation will yield economic benefits and reduce illegal gambling.
Read related article: Thailand's Casino Plans Worry Philippine Gaming Chief
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