Thailand is moving forward with plans to legalize casinos in a bid to enhance its appeal as a tourism destination and attract billions in foreign investment and taxes.
This initiative aims to create jobs, generate revenue, and regulate the country's thriving illicit gambling sector.
Draft rules for the legalization of casinos, which include an initial 30-year casino license with a 10-year renewal option, have been published for public feedback until August 18.
The casinos will be part of large entertainment complexes featuring hotels, convention centers, and amusement parks, among other amenities.
Thailand would thus join the ranks of the United Arab Emirates and Japan in vying for a share of the global casino industry, estimated to have generated $263 billion in revenue last year.
Major players like Galaxy Entertainment Group Ltd. and MGM Resorts International have shown interest in opening casino resorts in Thailand, considering it a strategic move against the uncertain prospects in Macau.
Las Vegas Sands Corp. expressed interest in entering the Thai market, stating last month it would consider expanding to Thailand if the opportunity arises.
Thailand's tourism ministry reported 17.5 million foreign tourists in the first six months of 2024, marking a 35% increase from the same period the previous year.
The influx of tourists generated 825 billion baht ($22.42 billion) in revenue, with China, Malaysia, and India being the primary source markets.
Additionally, Thailand extended its visa exemption program for tourists from India and Taiwan until November 11, 2024, allowing these travelers to enter the country without a visa.
Casinos are currently illegal in Thailand, with gambling restricted to state-controlled horse races and lotteries.
However, illicit gambling, including soccer betting, underground casinos, and illegal lotteries, is widespread.
Industry experts believe a legalised casino market in Thailand would attract more visitors, providing strong competition to Macau, the world's largest gambling hub and the only place in China where casino gambling is legal.
Previous discussions on legalising gambling in Thailand faced public opposition and resistance from conservative groups in the predominantly Buddhist country.
However, several Southeast Asian nations, including Cambodia, Singapore, Myanmar, and the Philippines, have already legalised casinos.
These large complexes in border towns of Thailand's neighbors cater predominantly to Thai and Chinese customers on weekend trips.
Prime Minister Srettha Thavisin, who took office less than a year ago, has been actively promoting policies to attract foreign investments to Thailand.
He supports the plan to legalise casinos for better oversight and proper tax collection.
The House of Representatives, consisting of 500 members, has backed a study favoring the establishment of legalised casinos within large entertainment venues to draw high-spending tourists.
The study concluded that legalising casinos could boost tourism revenue by about $12 billion if housed within these complexes.
Source : https://economictimes.indiatimes.com/nri/visit/thailand-to-allow-casinos-thailand-tourism-india-to-thailand-casinos-in-thailand-thailand-is-betting-its-hand-for-you-to-visit-and-gamble-millions/articleshow/112258411.cms
