Thailand confirms plan for casino resorts to go ahead

Plans for building casino resorts in Thailand have been discussed for years now, with a final confirmation from the government coming on Thursday that there will be no stopping this economic opportunity moving forward, notwithstanding a few final procedures.

Cited by the Bangkok Post, a local media outfit, Thai Deputy Finance Minister Julapun Amornvivat said that the plan was moving forward with close to 80% approval.

Casino resorts will be coming to Thailand

Amornvivat is himself a part of a broader coalition that is backing casino resorts, seeing them as an important opportunity to promote Thailand as an even better tourist destination, especially for wealthy Asian and Western customers.

To ensure that the casino resorts can move forward, the government is still working on a bill to legalize such entertainment complexes, which should be getting a vote soon.

Presently, officials are tinkering with the finer details of the proposal, with a revised version finally submitted to the cabinet for coalition parties, which can then weigh in on its merits and decide if the draft makes for the basis of a good law.

Should everything go according to plan, companies that seek entry into the country would then have to meet a number of criteria, as Thailand is only interested in prominent developers that can afford to realize casino resorts the likes of which are seen in Las Vegas, Macau, and elsewhere, the publication said.

As such, any company that wishes to introduce an entertainment complex must have a capital of at least 10 billion baht, as well as seek and obtain a license from the Entertainment Complex Policy Committee.

Once a license is obtained it will be issued for a period of 30 years and will have the option to be renewed for up to 10 years at a time, with each license costing 5 billion baht, and an annual fee of 1 billion baht.

The government has not changed its attitude towards local gambling, slapping country residents with a 5,000 baht to enter the casino, The Bangkok Post outlined, citing sources with knowledge of the law.

Thailand preparing for the future with casino resorts

Ultimately, Thailand hopes to create a vibrant ecosystem which draws wealthy foreign tourists and boosts the economy.

Fears about the potential societal costs have abounded, with some analysts criticizing casinos as not the type of investments the country ought to be pursuing to strengthen its economy and job market, not to mention fears about problem gambling.

Most of these fears have so far been snubbed by the government which is laser-focused on drawing capital and well-heeled foreigners instead.

Image credit: Unsplash.com