Thailand is set to legalize casinos next year to attract foreign investment and collect more taxes, a potential victory for global operators who have long pushed for legislation to capitalize on the country's status as a popular tourist destination, Bloomberg reports, according to UNN.
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The country's government is working to have the so-called “entertainment complex” bill, which would allow casinos to be located in large spaces, passed by both houses of parliament in 2025, according to a statement by Prime Minister Petongtarn Chinawatra's secretary general, Prommin Lertsuridej.
The draft law is expected to be approved by the Cabinet of Ministers at the end of this year, and then considered by the House of Representatives and the Senate next year. It usually takes months for each chamber to pass a bill in three mandatory readings.
“The law should be passed in six months at the earliest, so it should start next year,” Prommin said in an interview with Bloomberg in Bangkok. After the bill is approved by parliament, he said, several more administrative steps will be required before casinos can start operating.
Thailand could become a major player in the global gaming industry if casinos are fully operational in about six years, according to Citigroup Inc. The country's gross gambling revenue could reach $9.1 billion when fully operational, making it the world's third largest market after Macau and Las Vegas and putting it ahead of neighboring Singapore, Citigroup analysts said in a report this week.
Galaxy Entertainment Group Ltd. and MGM Resorts International are reportedly exploring potential opportunities in Thailand as a hedge against uncertain prospects in Macau. Las Vegas Sands Corp. said it would be interested in expanding in Thailand.
The Thai government has received interest from “big investors with world-class experience,” Prommin said, without naming specific names. “A lot of people have tried to talk to us,” he said.
According to the proposed legislation, entertainment complexes will be managed by companies registered in Thailand with a paid-up capital of at least 10 billion baht (USD 286 million). A 30-year license will cost 5 billion baht in the first year and 1 billion baht for all remaining years. The license can be extended for up to 10 years at each renewal.
A committee chaired by the prime minister will later propose more precise rules, including income tax rates for casinos, the number of licenses, and locations. According to the draft law, the complexes must house at least four other types of businesses alongside casinos, which could include department stores, hotels, amusement parks, restaurants, or nightclubs.
The government may initially issue five casino licenses in popular tourist destinations: two in Bangkok and one each in Pattaya, Chiang Mai, and Phuket, according to local media reports. Earlier this year, the lower house of parliament supported a study that favored the establishment of casinos in major entertainment venues to attract high spending visitors.
Although most types of betting have been banned in Thailand since at least 1936, nearly 60% of Thais gamble, according to a study conducted by the Center for the Study of Gambling in Thailand in 2021. Some Thais also travel to place bets in casinos operating in neighboring Myanmar, Laos, and Cambodia.
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