Legalizing casinos in Thailand could generate between 120 and 240 billion baht annually in tourism revenue, attracting an extra 5-10% of foreign visitors, according to the Finance Ministry’s announcement on Monday.
Earlier on Monday, the Cabinet endorsed the draft of the “Entertainment Complex Business Act” as proposed by the ministry.
This proposed legislation seeks to regulate the country’s extensive illegal gambling activities by allowing the creation of entertainment complexes with casinos, aimed at increasing tax revenues.
Deputy Finance Minister Julapun Amornvivat explained that the next steps involve the Council of State reviewing and modifying the draft before it is returned to the Cabinet.
Following this, it will be forwarded to the House of Representatives for discussion, expected within the next one to two months.
He noted that the draft aligns with the government’s strategy to promote new tourist attractions, particularly those that are man-made.
The attractions highlighted include water parks, theme parks, shopping malls, entertainment complexes, and the hosting of international-caliber concerts, festivals, and sports events in Thailand.
Julapun projected that while each entertainment complex would need an investment of 100 to 200 billion baht, the legalized casinos within them are expected to produce 120 to 240 billion baht in tourism revenue annually by boosting foreign tourist numbers by approximately 5-10%.
“These entertainment complexes would help boost tourist spending during the low season by about 13%, thus narrowing the income gap between the high and low seasons in tourism,” he said.
“They will also create between 9,000 and 15,000 jobs for local communities.”
The Finance Ministry also estimated that the complexes could contribute between 12 and 40 billion baht per year to state revenue through taxes collected from casino operations, hotels, theme parks, and other facilities within the complexes.
Prime Minister Paetongtarn Shinawatra, in a press briefing following the Cabinet meeting, cited Singapore’s example where casinos represent only a small portion of broader business initiatives that have significantly spurred tourism and economic growth, thereby enhancing the GDP.