{"id":7975,"date":"2024-10-03T07:13:44","date_gmt":"2024-10-03T07:13:44","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/10\/03\/thai-finance-minister-invites-international-companies-to-casino-industry\/"},"modified":"2024-10-03T07:13:44","modified_gmt":"2024-10-03T07:13:44","slug":"thai-finance-minister-invites-international-companies-to-casino-industry","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/10\/03\/thai-finance-minister-invites-international-companies-to-casino-industry\/","title":{"rendered":"Thai Finance Minister Invites International Companies to Casino Industry"},"content":{"rendered":"
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There will soon be a significant change to Thailand\u2019s gambling laws. The government is under pressure from Julapun Amornvivat, the nation\u2019s deputy minister of finance, to finalize the legalization<\/a> of casino resorts, also referred to as entertainment complexes. He asks that a structure for tax collection from this new industry be established by the departments of excise, taxes, and customs in his appeal. According to the Bangkok Post, Amornvivat hopes to have a finalized strategy by mid-October.<\/p>\n

The Drive for Economic Growth<\/h2>\n

Except for state-run horse racing and a national lottery, gambling is still prohibited in Thailand. Under former prime minister Srettha Thavisin, the campaign for legal gaming got underway in 2023. Paetongtarn Shinawatra, his successor, has made it clear that she intends to carry on the initiative\u2019s advancement. Legalization of casinos seeks to increase employment, draw more tourists, and recoup funds that are already going to casinos in neighboring nations like Laos and Myanmar. It also aims to address the illicit grey market that has grown up in the absence of controlled gaming.<\/p>\n

A draft casino bill received overwhelming support in the Thai House of Representatives, passing with 253 votes in favor out of 257. Research suggests that legalized casinos could increase annual tourism revenue by approximately 394.7 billion baht ($12 billion), raising per-trip spending by 52% to 65,000 baht, leading to an overall gain of 448.8 billion baht. In a favorable scenario, this move could position Thailand as a competitive player in the global gaming market, enhancing Southeast Asia\u2019s economy.<\/p>\n

Amornvivat dismissed a proposal from MP Korrawee Prissananantakul, who suggested that the government should run its own casinos to ensure that all Thais benefit from the revenues, rather than just select investors. \u201cThen all Thais would benefit from this policy, not only certain investors,\u201d<\/em> Prissananantakul stated last month.<\/p>\n

All qualified investors will still be able to take part in the casino industry, Amornvivat emphasized. Businesses wishing to apply must be limited or public, registered in Thailand, and have a minimum paid-up capital of 10 billion baht. The application fee is 100,000 Baht, the first license charge is 5 billion Baht, and the yearly fee is 1 billion Baht. Licenses expire after 30 years and can be renewed every ten years.<\/p>\n

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