New Entertainment Complex Act to Position Thailand as a Global Gaming Hub
The Thai government has taken a significant step in advancing its gaming and entertainment industry by finalizing the Entertainment Complex Act, a new law aimed at legalizing and regulating casinos within integrated entertainment complexes throughout Thailand.
What is the Entertainment Complex Act?
The Entertainment Complex Act is a crucial piece of legislation designed to capitalize on the immense revenue and investment potential of the casino and entertainment sector. On August 9, 2024, the Finance Ministry completed the draft bill, which is now set to undergo a public hearing as required by the constitution.
Economic Impact of Legalizing Casinos in Thailand
The Thai government is pushing for the Entertainment Complex Act due to the substantial economic benefits it promises. A report from the House committee estimates that this initiative could generate at least 12 billion Thai baht in tax revenue in its first year alone. With the global casino-based entertainment market projected to reach $2.2 trillion by 2028, Thailand is poised to capture a significant share of this booming industry.
Comparisons to global casino hubs like Macau and Las Vegas highlight the potential for Thailand. Macau, with a population of just 690,000, generates up to $32 billion annually from its casino-based entertainment complexes, while Las Vegas brings in $30 billion. Singapore, another regional player, earns $2 billion from similar ventures. Thailand aims to join these ranks as a major destination for gaming and entertainment.
Key Provisions of the Entertainment Complex Act
The proposed legislation outlines 65 sections that detail the requirements for operating a licensed entertainment complex. Licenses will be valid for up to 30 years, with operators required to pay a 5 billion Thai baht registration fee and an annual fee of 1 billion Thai baht. The complexes will undergo comprehensive assessments every five years, and licenses can be renewed for an additional 10 years after the initial period.
To ensure responsible gambling, the Act includes several restrictions. Individuals under 20 are prohibited from entering the entertainment complexes, and Thai citizens must pay a 5,000 Thai baht entrance fee. A policy board, chaired by the Prime Minister, will be established to set the rules and regulations governing the gaming complexes.
Strategic Locations for Entertainment Complexes in Thailand
The government has identified five potential host locations for the entertainment complexes: two in Bangkok, one in the Eastern Economic Corridor (EEC), Chiang Mai, and Phuket. These locations are strategically chosen to leverage existing tourism infrastructure and attract both domestic and international visitors.
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Source: Bangkok Post
