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Thailand’s government has announced plans for new legislation that would limit a majority of local players from accessing land-based casinos.
This initiative aims to establish strict entry requirements to curb gambling among residents while promoting the tourism sector. Under the latest proposals, Thai nationals must have a minimum of 50 million baht (approximately $1.5m) in fixed deposits for at least six months before they are allowed to enter a casino on home soil.
Reports from Money and Banking Magazine indicate that only 34,357 bank accounts in Thailand hold between 25 million and 50 million baht. This data highlights that the number of individuals with 50 million baht or more is relatively small, particularly when considering the country’s population of 72 million.
In addition to this, eligible players would still have to pay a 5,000 baht entry fee. The proposal also stipulates that the casino area within integrated resort must be limited to no more than 10% of the property’s total space, ensuring that gambling facilities do not dominate the resort experience.
The government has been actively seeking to boost tourism and annual revenue since the pandemic and believes that the legalization of casinos would attract both foreign investors and tourists. This initiative aims to position Thailand as a premier gaming destination in Southeast Asia, competing with established markets like Singapore.
However, this new legislation could discourage foreign investors who view local players as a significant attraction. A Citi report released last year estimated that approximately half of Thai nationals over the age of 20 could participate in casino gaming, positioning the country to potentially become the third-largest gambling destination in the world.
Certain experts, like Daniel Cheng, believe that these restrictions will limit gambling in the country to only the upper class and wealthy, allowing Thailand to effectively compete with foreigner-only markets like South Korea.
Thais Still Not Onboard With Legalized Gambling
Even with the government’s promises of economic revival, a significant portion of Thai nationals remain opposed to the legalization of gambling. A poll conducted by the National Institute of Development Administration in January found that 69% of respondents opposed online gaming, while 59% were against the establishment of integrated resorts.
Opponents of the bill argue that legalizing casinos would escalate social issues such as rising household debts and gambling addiction. Thailand is currently grappling with high levels of household debt, which could be further strained by the potential for increased gambling activities.
Piya Tavichai, a spokesman for the Palang Pracharat party and vocal critic of the bill, has also likened it to a “nasty cancer that destroys our society” and expressed concerns about the potential harm.
Despite these concerns, the Thai government, led by the populist Pheu Thai party, is optimistic about the economic benefits. They are hoping to attract at least 100 billion baht ($3 billion) in new investment, which could boost foreign arrivals by 5% to 10% annually and generate over 12 billion baht in revenue each year. However, the ongoing public dissent raises questions about the feasibility of such a drastic policy shift.
The proposal is currently under public hearings, which started on February 15 and will run through March 1. Afterward, it will need cabinet approval before going to parliament.
The draft also includes creating a new commission that would oversee gaming activities and manage investor relations for integrated resorts. However, the path forward remains contentious.
Source: Next.io
