UBS stated in its report that the gateway to opportunities for Thailand had opened as the House of Representatives passed a casino legalisation study, with 253 out of 257 members voting in favour of the plan.
The next step was for the cabinet to finalise the draft bill and submit it to the parliament for the legislative process.
The Swiss investment bank noted that the legalisation could create new growth opportunities for operators who were interested in expanding into the Thai market, such as MGM Resorts, Galaxy, and Genting Singapore, while it could also potentially establish competition with the existing operators in Southeast Asia and Macau.
On Friday last week, Prime Minister Srettha Thavisin presented a case regarding the consideration of a report on legalizing the entertainment complex that includes casinos or gambling establishments for approval by the Thai Parliament. He emphasized that the matter is not merely about casinos but about establishing the entertainment complex, bringing the informal economy to light, ensuring proper regulation, safety measures, and tax compliance.
The preliminary findings for the entertainment complex include the following key points:
- Suitable areas may include Bangkok or the Eastern Economic Corridor (EEC) within a 100-kilometer radius of the main airport.
- The size of the entertainment complex should range from 10-30 million square meters.
- The investment amount is estimated at 8.0 billion USD (approximately THB 280 billion).
- Construction is expected to take between 5-10 years.
- The complex would attract 20 million tourists per year.
- Annual tax revenue was estimated at 1.7-2.4 billion USD (approximately THB 59.5 – 84 billion).
