Thailand tourist attraction: Government pushes for casino resorts to elevate Thai tourism
New Delhi: The Thai government is pushing for the development of casino resorts as a way to elevate Thai tourism. This initiative aims to attract high-spending tourists, boost the local economy, and compete with other regional destinations that offer integrated resort experiences. By integrating casinos with luxury accommodations, entertainment, and dining options, the government hopes to enhance Thailand’s appeal as a global tourist destination.
Thailand is moving forward with plans to legalize casinos to enhance its appeal as a tourism hotspot. The goal is to attract billions of dollars in foreign investment and generate significant tax revenue. By integrating casinos into the tourism sector, Thailand aims to bolster its economy and compete more effectively on the global stage.
Draft rules to allow casinos with an initial license for 30 years were published for public feedback until Aug. 18 by the Council of State, the government’s legal agency. The casinos will have the option of renewing the permit for another 10 years and be housed in large entertainment complexes along with hotels, convention centers and amusement parks, among others.
Thailand is joining the UAE and Japan in vying for a share of the global casino industry, which IBISWorld estimates generated $263 billion in revenue last year. Major players like Galaxy Entertainment Group Ltd. and MGM Resorts International are exploring opportunities to establish casino resorts in Thailand as a hedge against uncertainties in Macau. Additionally, Las Vegas Sands Corp. has expressed interest in expanding into Thailand if the opportunity arises.
Prime Minister Srettha Thavisin, who assumed office less than a year ago, has been actively promoting policies to attract foreign investments to Thailand. He supports the plan to legalize casinos, aiming for better oversight and improved tax collection.
The 500-member House of Representatives has endorsed a study that recommends establishing legalized casinos within large entertainment venues to attract high-spending tourists. The study suggests that legalizing casinos could boost tourism revenue by around $12 billion.
While most forms of betting are illegal in Thailand due to its predominantly Buddhist and conservative society, the move towards legalizing casinos aligns with the country’s recent trend of embracing more liberal policies. This includes the decriminalization of cannabis in 2022 and potential legalization of same-sex marriages, marking a shift to revive the tourism industry post-pandemic.
The draft bill for legalizing casinos in Thailand stipulates that large entertainment venues should be located in government-designated areas and operated by companies registered in Thailand with a minimum paid-up capital of 10 billion baht ($283 million). It also proposes the creation of a comprehensive entertainment venue policy panel led by the prime minister and a regulatory agency for the new industry.
Possible locations for these entertainment complexes include popular tourist destinations such as Greater Bangkok, Phuket, Chiang Mai, and Chonburi, which is home to the beach resort city of Pattaya.
Tourism is a crucial sector in Thailand, accounting for about 20% of total jobs and approximately 12% of the nation’s $500 billion economy. Foreign arrivals have surged by about 34% this year through July, reaching over 20 million compared to the same period in 2023.
FOLLOW FOR MORE.
