Thailand has said that it will proceed with plans to legalize Vegas-style casino resorts and gambling in general in a bid to boost its tourism, prop ailing public finances, and introduce better consumer protection measures by weeding out illegal operators and black-market companies.
The government of Prime Minister Paetongtarn Shinawatra confirmed on Monday that a draft bill that will legalize both casino resorts and gambling has been given the backing of the cabinet and will now move forward. Paetongtarn has stated that the move is expected to better protect consumers and bolster state revenue.
The legalization of gambling and casino resorts is expected to boost tourism by anything between 5% and 10% more visitors and generate an extra windfall from tourism estimated at anything between $3.45bn and $6.32bn, with the exact numbers subject to speculation but already borne out by Deputy Finance Minister Julapun Amornvivat. Another economic benefit would be job creation, with as many as 15,000 new jobs created for casino workers.
The plan is yet to be approved but the parliament, but should it become law, Thailand would become the latest destination in Southeast Asia to turn to the casino sector for boosting tourism. This comes amid the rapid expansion of multi-billion projects from Vietnam to South Korea, from Japan to now Thailand.
The government is urging lawmakers to step up and help pass a law that could potentially help stamp out illegal forms of gambling, with vast syndicates operating underground and amassing billions of dollars worth of revenue.
Thailand is also feeling the pinch of the regional rush for building such luxurious properties, with many expected to arrive or already existing in the country’s immediate neighbors such as Singapore, the Philippines, and Cambodia.
Although the issue of casino resorts and legalizing gambling has been on the agenda for two consecutive governments, efforts to push through with concrete legislation have come a cropper.
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