The impact of leisure activities on the Thai Economy
The always boisterous and immensely beautiful country of Thailand has always provided tourists with a plethora of incredible activities and events to embark on.
Given that an increased amount of tourist-related activity still fully resides in Thailand’s most populated destinations, it is important to note the wider impact that the leisure industry has brought to the country’s economic stance and financial involvement.
Tourists from far and wide often migrate to Thailand for annual vacations in an effort to take in the many wonders that the country has to offer.
Alongside providing plenty of exotic nature hotspots and delicious cuisine, Thailand also offers tourists a selection of leisure activities and destinations that attract travellers from far and wide.
Some of the most distinguishable leisure offered by the country for tourists and locals alike is an expansive nightlife experience within the capital of Bangkok.
With numerous sports bars and nightclubs to choose from, Thailand has recently been scouted as a noteworthy landmark for a number of party-related vacations for most eager tourists.
Other notable additions to the near-endless selection of available activities within the country include Scuba Diving along the coast, Motorbiking, watching football games, Island Hopping and hiking.
The possibility of engaging in a vast number of physical-enduring endeavours is sure to excite tourists. They can get involved in some of the most traditional games, including Chan-Angkarn. one of many string games which are incredibly popular in the country. Aside from this, tourists will also sight the possibility of visiting some of the many landmarks that are on display.
The Grand Palace and the various religious temples are just a few of the many cultural spots for tourists to attend as well as the impressive night market’s that the city of Bangkok has to offer.
Whilst the country’s leisure and tourist industry are paving a major role in the development and sustainability of the economy, it still begs the question of whether there could be a greater method to gaining further revenue from this sector to increase the amount that is already being gained on a regular occurrence.
Legalisation of gambling could open up further possibilities:
In case you are unaware, all gambling-related activity is prohibited in Thailand despite the country still requiring a large sum of income from the leisure industry, which gambling can provide. If you’re a fan of casinos and the various slot games on offer, then maybe a trip to Thailand may not be in your best interest.
There is a wide array of valued and renowned tourist destinations that have since thrived on the inclusion of gambling-related activity to attract endless numbers of visitors to the landmarks available meaning that this could be a potential asset to further improve Thailand’s economic growth by way of introducing gambling operations.
Some of the most popular gambling destinations including Las Vegas and Macau have become synonymous with tourists for the various services that they provide when wagering.
Macau is arguably Asia’s most integral gambling destination with numerous casinos now open 24/7 giving tourists and locals the opportunity to visit on a daily basis.
The Chinese city now operates on sustainable tax revenue for the country’s government by way of casino operations as early studies from 2001 suggest that it contributed to 40% of all tax revenue collected.
In the decades following, this figure is now estimated to be well over 80% which has since allowed further events and construction to be established across the city, developing this spot into a world-renowned tourist destination.
This could be a potential exploit that the Thai government may look to introduce or further utilize in the coming years to provide a greater stream of income from all future leisure sources, with gambling-related activities and destinations being a significant favourite amongst many tourists who are willing to spend big.
How Thailand can maintain gambling operations:
Thailand can also benefit greatly from using taxes to further support this method, mainly in a similar facet to how the UK handles gambling. Online operators are seeing plenty of success as they offer interesting products such as a daily online casino jackpot which helps to ensure players return for the fun as well as the chance of winning.
The UK government heavily relies on taxes to maintain the various gambling-related activities that the population so often embark on which of course is a major reason why this has remained in operation for such a long while.
His Majesty’s Revenue and Customs (HMRC) was estimated to collect a staggering £2.9 billion from all gaming-related activity in the tax year of 2017/18 alone.
This also includes even the most minor gaming operations such as lotteries and remote gaming alongside gambling, proving that this is a sustainable and essential part of the UK government’s tax operations.
If Thailand is aiming to experiment with gambling-related leisure in the future, then following the UK’s plan of charging heavily with taxes could be a potential method that the nation’s government may look to the issue.
The overall demand for leisure and tourist-related activities is an integral part of maintaining the Thai economy, yet there are still a few considerable gaps within the market that are yet to be explored, meaning that there could be future adjustments made to the country’s stance on worldwide amenities for pondering tourists.
