PUBLISHED : 24 Oct 2024 at 05:08
Thailand is on the verge of a significant legislative change, as the draft law pertaining to entertainment complexes is set to be submitted to the cabinet for approval this year, according to Deputy Finance Minister Julapun Amornvivat.
Once approved, the administration plans to present the draft for parliamentary discussion, with the House of Representatives scheduled to convene from mid-December through April next year.
This groundbreaking legislation would mark Thailand’s inaugural move to legalize casinos, a sector that has seen overwhelming public support during recent consultations, with 82% in favor of the draft.
A study by the Fiscal Policy Office suggests that implementing entertainment complexes could draw in an additional 5-20% of foreign tourists, enhancing their average expenditure from 40,000 baht to approximately 60,000 baht per visit.
The development of these complexes is anticipated to boost the Thai economy not only during the construction phase, which will involve substantial investment, but also after their completion.
In addition to attracting foreign visitors, these venues are set to create numerous job opportunities for locals. “Our goal is to ensure that as many Thai citizens as possible find employment within these entertainment complexes, which may necessitate specific training for the workforce,” remarked Deputy Minister Julapun.
The proposed legislation outlines that private sector investors will need a minimum registered capital of 10 billion baht to engage in these projects. The government will evaluate investment proposals to determine which ventures align with state objectives for tourism development.
Additionally, the entry fee for Thai nationals to access casinos will be capped at 5,000 baht per visit. The draft includes a licensing framework that grants licenses valid for 30 years, which can be renewed in 10-year periods. The license fee is projected at 5 billion baht, accompanied by an annual fee of 1 billion baht.
