Thailand's Casino Initiative Could Drive GDP Growth to 4-5%, Predicts Property Sector

Thailand's casino initiative is making waves in economic circles, with property developers predicting a substantial uptick in GDP growth if the proposal comes to fruition. According to the Chonburi Real Estate Association, the government's plan to establish 20 casino entertainment complexes in key tourist destinations nationwide could elevate Thailand's GDP to an impressive 4-5% annually.

The move to legalize gambling has been a topic of heated debate, gaining momentum after MPs recently approved a feasibility report on the matter. Prime Minister Srettha Thavisin has thrown his weight behind the proposal, citing the potential to redirect funds from underground gambling into government coffers through taxation.

Watthanaphol Pholchewin, president of the Chonburi Real Estate Association, emphasized the anticipated economic benefits of these entertainment complexes. He stated, "Opening an entertainment complex, in whatever city, would attract an influx of businesses and workers to the area." This surge in activity would particularly benefit the real estate sector, leading to increased sales and expansion of projects within a 10-kilometer radius of the complexes.

Watthanaphol estimated that each casino complex could generate around 30,000 new jobs for local communities and attract investments worth several hundred billion baht. These investments would span various sectors, including casinos, hotels, shopping malls, restaurants, and infrastructure projects such as seaport and airport expansions.

With 20 entertainment complexes in the pipeline, Thailand stands to gain a substantial revenue boost, potentially driving GDP expansion to 4-5% annually. This projection comes at a crucial time, considering the modest GDP growth of 1.9% last year and the Finance Ministry's forecast of 2.8% growth for the current year.

The association anticipates the establishment of a casino in Chonburi province, with potential locations in Pattaya or Sattahip. These cities are renowned for their beach attractions, world-class entertainment venues, and robust transportation networks. In other regions like Chiang Mai, casinos are proposed for areas with ample space on the outskirts, such as the Hang Dong and San Kamphaeng districts.

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As Thailand moves forward with its casino plan, stakeholders are eyeing the potential economic windfall with cautious optimism. The establishment of these entertainment complexes could not only transform the tourism landscape but also provide a significant boost to the nation's economy.

Source: The Nation