Thailand casino draft law ready to hit the jackpot in Cabinet review
The draft law on entertainment complexes and casinos in Thailand is anticipated to reach the Cabinet for consideration later this year, as announced by Deputy Finance Minister Julapun Amornvivat.
Upon receiving Cabinet approval, the administration plans to forward the draft law to Parliament for further deliberation. The House of Representatives is scheduled to reconvene for a regular session from mid-December until April next year. This draft law is set to be the first in the country to legalise casinos.
Recently, the draft law underwent a public hearing, as mandated by the constitution, garnering support from 82% of participants. Julapun noted that a study by the Fiscal Policy Office suggests the establishment of entertainment complexes could boost the number of foreign tourists by 5% to 20%, subsequently increasing the spending per visitor to 60,000 baht from the current 40,000 baht.
These entertainment complexes are not only expected to stimulate economic growth during their construction phase, which will require substantial investment but also post-completion. Besides attracting tourists, they will create employment opportunities for locals.
For private sector investors, the draft law stipulates a minimum registered capital of 10 billion baht for investment in these complexes. Julapun highlighted that the government will evaluate what companies can offer and identify the types of projects the state aims to develop as artificial tourist attractions.
For Thai nationals wishing to enter a casino, the draft legislation sets an entry fee cap of 5,000 baht per visit. The concession period for the complexes includes licences valid for 30 years, with the possibility of renewal in 10-year increments. The licence fee is established at 5 billion baht, coupled with an annual fee of 1 billion baht, reported Bangkok Post.
This serves as a development to the public hearing held on earlier in October in regards to the proposed casino-entertainment complex bill that wrapped up with feedback set to be submitted to the Cabinet, announced by the Fiscal Policy Office (FPO) at the Ministry of Finance.
