Thailand’s House of Representatives on Thursday approved a study recommending the development of a legal casino industry, with the plan now set to be forwarded to the cabinet for final approval.
The House vote was just about unanimous, with 253 of the 257 lawmakers present voting in favor of progressing the study to the final phase.
Legalized casinos are seen by the powers that be as a means of generating additional tourism revenue while combatting the proliferation of illegal gambling dens across the nation. It is also hoped that legal casino gaming might limit the number of Thais playing in the border casinos of Cambodia and Vietnam to the south, and Myanmar and Laos to the north.
The study recommends imposing a 17% tax on gross gaming revenue – making it one of the lowest tax regimes in the region – with locals to be required to pay an entry levy of an amount yet to be determined. License duration would be set at an initial 20 years and then renewable every five years, while the larger casino complexes would require a minimum investment of US$2.7 billion.
According to Maybank Investment Bank analyst Samuel Yin Shao Yang, up to eight casino complexes could be developed.
The casino plan also received the backing Thailand’s Prime Minister, Srettha Thavisin, on Thursday, who stated that legalized casinos were a way to combat the “grey economy”, according to a report by The Bangkok Post.
“It’s time for our society to stop hiding the gambling, which is out there, and just properly regulate and take care of it,” he said.
“I am not sure when the law will get approved and an entertainment complex can start operation. It will probably take some time. During the interim period, we need to tackle those illegal activities.”
RelatedPosts
