Thailand’s newly appointed Prime Minister Paetongtarn Shinawatra is set to call for the development of up to seven integrated casino resorts nationwide as part of her efforts to boost the economy, including three in Bangkok, according to local media reports.
The update, which is sure to attract the attention of the world’s largest IR operators, follows publication on Sunday of a policy statement that Paetongtarn will deliver to Parliament later this week.
The policy statement highlights three “mega projects” that will be central to the government’s economic stimulus plans, including the development of large-scale entertainment complexes aimed at cementing Thailand’s tourist allure.
The Nation reported Monday that, according to comments from Deputy Secretary-General to the Prime Minister Suksit Srichomkwan, casino legislation currently being assessed by the cabinet is now expected to include scope for three IR developments in Bangkok with each requiring an investment of at least TBH100 billion (US$3 billion). Up to four more IRs would be developed in tourist provinces with expected investments of around TBH50 billion (US$1.5 billion).
The report also claims that gaming areas would be allowed to cover up to 10% of total IR floor space.
The other mega projects in question include the “Pearl Necklace” project, described as a large-scale flood protection project for Bangkok and surrounding areas due to the risk posed by rising sea levels, and the Land Bridge project to enhance good transportation and travel.
The Pearl Necklace project would see nine artificial islands along a 100-kilometre coastal stretch constructed, while the Land Bridge project calls for the construction of deep seaports on the Gulf of Thailand and the Andaman coasts.
As previously reported by IAG, Thailand’s draft casino bill states that licensees will be granted an initial 30-year license term, reviewable every five years. It also names 10 business types listed that can form part of Thailand’s “integrated entertainment venues” – Department store; Hotel; Restaurant, nightclub, discotheque, pub or bar; Stadium; Yacht and Cruising Club; Gaming; Swimming pool and water park; Amusement park; Area for promoting Thai culture and OTOP products; Other businesses as specified by the Policy Committee.
RelatedPosts
