On March 30, Thai Deputy Finance Minister Julapan stated that the "Comprehensive Entertainment Venues Management Bill" has been approved by the Cabinet and is now being prepared for submission to the House of Representatives and the Senate for deliberation, expected to be completed within the term of this government. **According to the current progress, the bill is expected to pass within a year, and the first comprehensive entertainment project will break ground within three years.
To avoid competition due to venue location issues, the government has clearly stipulated that the comprehensive entertainment complex must be built on **"state-owned land" with an area of no less than 300 rai** (approximately 48 hectares). The casino part only accounts for 10%, and the remaining space will be used for the construction of museums, hotels, shopping centers, and other facilities to ensure the project's diversified development and attract a broader range of tourists.
Legislative Progress and Investment Planning
After the bill is passed, the government will establish a dedicated office, and a committee led by Thai Prime Minister Petongtan will be responsible for coordinating the project. The committee will hire private companies to conduct feasibility assessments, studying the best locations, investment scale, government revenue, and overall economic benefits of the comprehensive entertainment complex. Additionally, the government will also define the tourism development content that must be included in the project, such as sports stadiums, world-class amusement parks, museums, and cultural promotion projects.
Once the assessment is completed, the committee will prepare Tender Documents (TOR), and open the bidding to qualified private companies through a transparent and open process.
Controversy Over Casino Entry Threshold
Regarding the regulation that Thai citizens need to have a deposit of 50 million Thai Baht (approximately 1.4 million USD) to enter the casino, Julapan admitted that this standard might contradict the government's initial intention. The Thai government hopes that the comprehensive entertainment complex will promote economic growth and curb illegal gambling, but this deposit threshold could potentially exclude over 60 million Thais, as only about 10,000 accounts meet this criterion.
If a large number of local residents cannot enter legal casinos, they might turn to border casinos or illegal gambling venues, which is precisely what the government wants to avoid. Previous surveys suggested lowering the deposit threshold to 5 million to 10 million Thai Baht, or using tax criteria as a basis. The Ministry of Finance has adopted these suggestions and will further discuss adjustment plans during parliamentary deliberation.
Investment Attractiveness and Anti-Money Laundering Risk Control
In response to public concerns about grey capital and money laundering risks, Julapan emphasized that companies interested in investing in Thailand's comprehensive entertainment complex are all top global enterprises, numbering no more than 10. These companies are subject to strict international regulations, have high operating costs, and if any violations occur, not only will their Thai licenses be revoked, but it could also affect the stock performance of their parent companies listed in their home countries. Therefore, he believes these enterprises will not easily violate regulations.
Currently, several foreign investors have expressed strong interest in the Thai market, and believe that Thailand has more investment appeal compared to other countries like Japan. Although investors have requested meetings, the government has not yet officially started negotiations. Once the bill reaches its final stage, the Thai government will host an international roadshow to attract global investors to participate in the bidding.
Competitive Advantages of Thailand's Comprehensive Entertainment Complex
Julapan is confident about the development prospects of Thailand's comprehensive entertainment complex. He pointed out that Thailand not only has superior natural tourism resources but also possesses rich cultural heritage, attracting nearly 40 million international tourists annually. Compared to other countries, Thailand has stronger competitiveness in the comprehensive entertainment market, aiming to create a world-leading entertainment complex and become the entertainment economic center of Southeast Asia.
Economic Impact: Investment-Driven Growth
From an economic perspective, the positive effects of the comprehensive entertainment complex have already become apparent. Since the bill was approved, Thailand's tourism, construction, and related industries have already begun to benefit, and the inflow of funds from some foreign investors has also strengthened market confidence.
Future Economic Expectations:
Once the comprehensive entertainment complex project enters the construction phase, it is expected that 100 billion Thai Baht (approximately 2.8 billion USD) will flow into the Thai market.
Upon completion of the project, the surrounding community's tourism industry will directly benefit, driving the development of surrounding businesses.
Thailand's GDP growth rate will receive a direct boost, and the government no longer needs to worry about whether economic growth can reach 3%, as the prosperity of the tourism industry and the increase in per capita income will provide strong data support.
Conclusion
The Thai government is fully committed to implementing the Comprehensive Entertainment Complex Bill, aiming to promote economic growth, enhance the competitiveness of the tourism industry, and curb illegal gambling. As the legislative process progresses, investor confidence is strengthening, and in the coming years, the project is expected to become a new growth engine for the Thai economy, offering tremendous business opportunities to global investors.
