A finance leader from Thailand is urging policymakers to prepare casino gaming legislation by this month’s midpoint and emphasizes that it should feature terms permitting international firms to compete for licenses in the Southeast Asian country.
Deputy Finance Minister Julapun Amornvivat resisted a proposal from parliament member Korrawee Prissanantakul, who recommended that the anticipated entertainment complexes, featuring gaming facilities, be operated by the government. As Amornvivat urges the Thai customs, excise, and revenue departments to develop entertainment district plans by the end of this month, he advocates for a cautious strategy.
"We need to assess the project thoroughly to prevent negative impacts on the economy and society,” said the deputy finance minister in a recent interview with The Bangkok Post.
Thailand has recently concluded a public comment phase regarding the 22-page Draft of the Complete Entertainment Business Act B.E. This comment phase was open until August 18, and it seems that Thai citizens support the introduction of casino hotels as a means to enhance the tourism sector, a major contributor to the nation’s economic activity.
As avenues for growth become scarce, especially beyond the US, several major players in the gaming sector are considering expanding into Thailand.
Las Vegas Sands, MGM Resorts International, y Wynn Resorts son algunos de los operadores estadounidenses que podrían buscar licencias en Tailandia. MGM had earlier stated that its operations in the nation would be managed by its MGM China division, which runs two integrated resorts in Macau. Due to its significant presence in the Asia-Pacific area, Genting might also seek a Thai casino license.
Amornvivat expressed to The Bangkok Post his vision of a situation where any private sector firm can apply for a permit in Thailand provided it fulfills specific requirements. These requirements entail an initial investment of about $1.3 billion, an application charge of nearly $13,000, and a licensing cost of around $640 million.
When you total everything, it would take at least $2 billion for each operator to establish a casino in Thailand, which might be appealing since this amount is significantly lower than the financial obligations that gaming firms face in other areas.
Local taxes present another challenge for gaming companies, and there is basically no consistency on a regional level. Nonetheless, it is evident that Thailand aims to attract the industry based on that.
Experts anticipate that Thailand will choose a 17% tax on gross gaming revenue (GGR), mirroring the rate implemented in Singapore. This tax rate is considered appealing and is likely to be competitive with other casino markets in the area.
Last month, reports surfaced suggesting that Thai policymakers in favor of the casino project wish to establish three gaming locations in the capital city of Bangkok, along with at least two additional ones in rural regions.
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