A top bank in Thailand, Maybank, has analysed the potential for casinos in the country and found it could generate over $8 billion a year. This comes as the Thai government weighs its options around the Entertainment Complex Act, which would introduce casinos into the country.
Maybank points out that Thailand is in a unique position compared to other countries in the area. It has a low proposed tax rate on gaming revenue and a high number of tourists. Estimates currently put Thai casinos as potentially beating out those in Macau and Singapore.
Maybank’s analysis, while optimistic, goes against the current sentiment in parts of the country. Protests around the bill and delays in making a decision have caused a schism within certain groups.
Prime Minister of Thailand backs casino bill
The Entertainment Complex Act is also backed by the current Prime Minister, who recently survived a no-confidence vote. In recent weeks, she has insisted that the bill won’t turn Thailand into a casino city:
“Entertainment complex does not mean casino.
“The complex will include a casino, but only 10% of the total area will be dedicated to this purpose. It will not allow anyone to open a casino anywhere in Thailand.
“Each complex will feature several hotels and restaurants, creating jobs for thousands of people. This will help boost the local economy, while the profits from the casino will be used to repay the investment costs.”
Complexes, or resorts, could reach investment costs of 100 billion baht ($3.10bn). Maybank estimates that total money made per year will hit 195 billion baht ($5.8 billion), which would be a huge flush of cash into Thailand. There’s also a yearly fee of 1 billion baht and a 4.9 billion baht upfront fee when setting up a resort.
However, with ongoing delays around the bill, it might not enter into law until 2026.
