A new draft regulation would require Thai nationals to hold at least TBH50 million (US$1.5 million) in fixed deposits for at least six months to be able to enter the nation’s legal casinos, essentially denying access to the vast majority of locals.
According to a report by The Bangkok Post, the updated regulation to Thailand’s entertainment complex bill was issued by the Office of the Council of State on Monday in a move that may deal a hefty blow to hopes of attracting the international investment community.
A proposed TBH5,000 (US$150) entry fee for locals has been retained, adding another barrier to entry for a nation whose per capita GDP stands at around US$7,300. Such constraints seemingly render claims that legalized casinos would help address the issue of Thailand’s many underground casinos as worthless.
Latest revisions also include a stipulation that casinos must be separated from the broader entertainment complex and with their own gates and entrances.
The draft does, however, allow for the maximum casino floor space to be set at 10% of the total resort area, up from a 5% cap previously.
The Bangkok Post revealed Monday that a second round of public hearings for the draft casino law is now underway, running until 1 March, with the revised law to then require further approval by cabinet before being sent to parliament for deliberation.
As previously reported by IAG, many global IR operators have expressed interest in Thailand. Among them Las Vegas Sands, Genting Singapore, Galaxy Entertainment Group, Melco Resorts, Wynn Resorts and MGM Resorts.
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