Thai govt rolls dice with integrated entertainment complex-casino
Thai Deputy Finance Minister Julapun Amornvivat confirmed that the government-proposed integrated entertainment complex development will have a casino component that covers no more than 5% of the project area. This development project will not only comprise gambling venues and hotels but also other significant investment components.
Julapun emphasised that the proportions per complex will be determined by the governmental entities involved in the project. Drawing parallels with Singapore’s entertainment complex scheme, he noted that the law in Singapore also restricts the gambling area to no more than 5% of the project area.
Following the completion of the project in Singapore, the gambling area constituted a mere 3%.
On April 9, the Cabinet acknowledged a study on the entertainment complex by a special House committee and tasked the Finance Ministry with assessing the project’s viability and investigating the details of the development project.
These findings are to be presented back to the Cabinet within a month from the date the Cabinet endorsed the study’s findings.
Given the extensive nature of the project, Julapun mentioned that the ministry has requested a two-week extension for further study.
The ministry intends to convene with 16 relevant agencies to discuss the project’s details, including the need for new legislation to regulate the project, the location of the entertainment complex, the identification of responsible parties to determine a location, and the establishment of a fund to mitigate any negative impacts.
The study conducted by the special House committee focused on three aspects. Firstly, the impact on economic, political, social, environmental, educational, and cultural policies of having such a venue in Thailand.
Secondly, the business structure of the integrated entertainment venue and revenue collection for the state, including studying inter-related business structures of integrated entertainment venues. This includes tax collection, fees and various licences for such venues with casinos, and how to develop state revenue generation in various areas.
The study also suggested the implementation of a casino tax with appropriate rates for tax and fees that might differ from the current general tax rates.
Furthermore, the study recommended the creation of a fund to mitigate the impacts of gambling and integrated entertainment venues.
Finally, a study should be conducted on the legality of such venues, including the formats, methods, fundamental regulations and criteria for laws about entertainment venues and current gambling regulations, reported Bangkok Post.
