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Thailand Explores Legalizing Gambling with Potential Opportunities in the Asian Gaming Industry.Former Thai parliament member and advisor to the Thai parliamentary committee, Udorn Olsson, suggested that Thailand could pass the necessary legislation to open casinos within a year, with at least one casino resort operational by 2030. Udorn Olsson mentioned that Thailand is looking to adopt a regulatory framework similar to the ""Singapore model,"" which includes charging locals an entry fee to casinos. He proposed a daily fee of 1,000 Thai baht or an annual fee for local gamblers, who would also need to demonstrate economic suitability and undergo criminal record checks.
While some Thai parliament members previously estimated it might take three years to authorize casino resorts, Udorn Olsson believes legislation could be passed within two to three years or even as quickly as one year. He emphasized that legal gambling is not entirely new in Thailand, as current laws allow and cover certain forms of gambling like Muay Thai boxing.
Regarding the timeline for evaluating potential operators' bids and construction, Udorn Olsson mentioned that it should not exceed three years, allowing for the first resort to open by 2030. Thailand is considering allowing up to five resorts, including one in the ""economic corridor"" around Bangkok. Investment limits will vary for large, medium, and small projects, with proposed caps of $8 billion, $2 billion, and $500 million, respectively.
If all goes according to plan and the first resort opens in 2030, Thailand will join Osaka, Japan, in launching integrated resorts with casinos. Udorn Olsson pointed out that this move is aimed at stimulating the economy after three years of pandemic-related challenges in the Thai tourism sector. Prior to the pandemic, tourism contributed to 40% of Thailand's GDP, but during the crisis, it plummeted to just 2%. Currently, the tourism industry makes up approximately 8% of Thailand's GDP, indicating a long road to recovery. As for gambling taxation, they are considering a 30% tax on total gambling revenue and an 18% tax for VIP rooms. Corporate taxes for operators are also under consideration, with initial thoughts on tax exemptions for investors.
Thailand's parliament established a committee in 2021 to explore various aspects of introducing casino resorts, including revenue and taxation, preventing illegal gambling, the proliferation of electronic gaming machines, and online gambling. In July 2022, the committee submitted a report to the parliament, recommending the establishment of ""entertainment complexes"" with legal casinos in unspecified areas nationwide." |
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Post time 13-9-2023 20:34:42
