Thailand’s Council of State has released a draft bill of proposed casino legislation with a call for public feedback until 18 August 2024.
The 22-page Draft of the Complete Entertainment Business Act B.E. outlines plans to develop large-scale entertainment venues with casinos in locations to be determined by the Thai government. It also proposes the establishment of a venue policy panel led by the Prime Minister and the creation of a regulatory body. Such entertainment venues would be operated by private companies which must have paid-up capital of at least TBH 10 billion (US$285 million).
The release of Thailand’s draft casino legislation to the public comes after the Thai cabinet earlier this year endorsed a special House committee report recommending the legalization of integrated resorts with casinos. The cabinet had subsequently asked the Ministry of Finance to lead a group of 17 agencies in conducting their own feasibility study.
It is understood that the cabinet’s recommendations for casino resort developments included a stipulation that the gaming areas in legalized integrated resorts should not exceed 5% of the total project area, with the remainder to be utilized for complementary hotel and entertainment offerings. It also called for the projects to be joint investments between the government and private operators, which could follow a concession model similar to that utilized in Macau.
While the exact number and locations of such IRs has yet to be determined, everywhere from Bangkok and surrounding areas to the likes of Pattaya, Phuket, Rayong and Chiang Mai have been proposed.
A recent note from Maybank claimed that Thailand could open its first IRs as early as 2029, which would result in the Southeast Asian nation realizing legal casino gaming ahead of Japan where MGM Resorts International’s US$10 billion IR development in Osaka isn’t slated for completion until at least 2030.
Brokerage CLSA has stated that a legalized Thai casino market could generate annual gross gaming revenues of US$15.1 billion in the long-term, making it the third largest market globally based on current GGR levels.
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