BANGKOK: Legalising casinos in Thailand could generate as much as 120 to 240 billion baht per year in tourism revenue from an additional 5-10% foreign arrivals, the Finance Ministry said on Monday (Jan 13).
Earlier on Monday, the Cabinet approved the principle of the draft “Entertainment Complex Business Act”, as proposed by the ministry.
The draft law aims to legalise the kingdom’s vast underground gambling industry, allowing the establishment of entertainment complexes and casinos to generate tax revenue.
Deputy Finance Minister Julapun Amornvivat said that as the next step, the Council of State would check the draft and make adjustments, before sending it back to the Cabinet.
The draft would then be submitted to the House of Representative for deliberation, which should take place in the next 1-2 months, he said.
He added that the draft is in line with the government’s policy of promoting new tourist destinations, especially man-made attractions.
These include water parks, theme parks, shopping malls, entertainment complexes, and the organisation of world-class concerts, festivals and sport events in Thailand.
Julapun estimated that each entertainment complex would require an investment of 100 to 200 billion baht, but legalised casinos would generate from 120 to 240 billion baht of tourism revenue per year from increasing foreign arrivals at around 5-10%.
“These entertainment complexes would help boost spending of tourists during the low-season by some 13%, thus narrowing the gap of income between high and low seasons in tourism,” he said.
“They will also create from 9,000 to 15,000 jobs for local communities.”
The Finance Ministry also estimated that each complex would generate income for the state at between 12 and 40 billion baht per year from taxes levied from casino gambling, hotels, theme parks and other attractions in the complexes.
Speaking to the press after Cabinet meeting on Monday, Prime Minister Paetongtarn Shinawatra pointed out that Singapore implemented a similar project, where casinos accounted for only 10% of the business, and it significantly boosted tourism and economic growth, increasing GDP. - The Nation/ANN
