Thailand has announced its intention to legalize Vegas-style casino resorts and gambling as part of efforts to enhance tourism, support its struggling public finances, and implement stronger consumer protection by eliminating illegal operators and black-market companies.
Thailand is a step closer to realizing the Vegas casino dream
The government led by Prime Minister Paetongtarn Shinawatra announced on Monday that the cabinet has approved a draft bill to legalize casino resorts and gambling, and it will now proceed to the next stages. Prime Minister Paetongtarn has expressed that this initiative is anticipated to enhance consumer protection and increase state revenues. The legalization is expected to boost tourism, potentially attracting an additional 5% to 10% more visitors. This could result in an extra revenue of approximately $3.45 billion to $6.32 billion from tourism, although the exact figures remain speculative, as highlighted by Deputy Finance Minister Julapun Amornvivat. An additional economic advantage would be the creation of up to 15,000 new jobs in the casino sector. Although the plan still requires parliamentary approval, if enacted, Thailand would join other Southeast Asian countries like Vietnam, South Korea, and Japan in utilizing the casino industry to enhance tourism. This move comes in the context of rapid growth in billion-dollar projects across the region.
Illegal gambling to be targeted under new proposed gambling law
The government is calling on lawmakers to take action and pass legislation aimed at eradicating illegal gambling, which is currently fueling vast underground syndicates that generate billions in revenue. Thailand is feeling the competitive pressure from the region’s upscale property developments, as similar projects are being established or already exist in neighboring countries like Singapore, the Philippines, and Cambodia. Despite being on the agenda for two successive governments, initiatives to legalize gambling and establish casino resorts have repeatedly failed to gain traction.
