Thailand's Cabinet has endorsed a National Assembly committee's examination into the potential establishment of regulated casino resorts within the country

This decision, reached during the Cabinet's weekly session, follows a March vote by the Thai House of Representatives, where 253 out of 257 members present approved the notion of entertainment districts, encompassing casino hotels. Kenika Ounjit, deputy government spokeswoman, stressed the importance of public feedback before finalizing casino legislation.

Ounjit highlighted that these entertainment hubs, featuring non-gaming amenities like concert venues and conference spaces, are pivotal in Thailand's efforts to bolster tourism, a cornerstone of the nation's economy. Thailand aims to attract 80 million international visitors annually by 2027, with integrated resorts playing a significant role in achieving this goal.

While the specific number of approved entertainment centers remains undecided, their inclusion of casinos could serve as potent economic engines for Thailand. Each district is anticipated to require a minimum investment of $2.75 billion, potentially creating substantial growth opportunities.

According to Maybank analysts, Thai policymakers may greenlight up to eight casino resorts, a move that could generate significant employment and drive annual economic growth. Watthanaphol Pholchewin, President of the Chonburi Real Estate Association, highlighted the real estate industry's potential benefits, citing increased sales and project expansions in proximity to these complexes.

Although the prospect of twenty gaming venues may raise concerns about oversaturation and excessive gambling access, approving eight establishments could strike a balance between job creation, tax revenue augmentation, and tourist attraction.

Should Thailand proceed with integrated resorts, competition for licenses is expected to be intense, attracting major industry players like Las Vegas Sands, Genting Singapore, Galaxy Entertainment, and MGM Resorts International. The allure of substantial minimum investments and a projected tax rate of 17% is likely to entice international firms vying for Thai gaming licenses.

By fLEXI tEAM