Asset World Corporation Public Company Limited (SET: AWC), a property arm of TCC Group, experienced a surge in share prices early this week on rumours of the company, backed by Sirivadhanabhakdi Family, the owner of conglomerates TCC Group and Thai Beverage Public Company Limited, was looking into an investment in the new Entertainment Complex in Thailand, which could see an investment value of billions of bahts.
The share price of the company rose 3.6% on Monday and 9.47% on Tuesday. AWC settled lower on Wednesday by 0.54% at THB3.68 per share.
Recently, Ms. Wallapa Traisorat, the President, CEO of AWC, stated that there are currently no plans to participate in the funding of the Entertainment Complex project, which includes a casino.
The CEO added that AWC is also not investing in the project of the Royal Siam Society as the company has ongoing projects that require accelerated development according to its plans, including global tourism destinations. AWC focuses on a collaboration model with various partners to attract quality tourists.
“The Entertainment Complex model with a casino may not align with AWC’s real estate development model, which emphasizes integrated investment due to the company’s focus on developing interactive attractions. AWC’s international entertainment-focused tourism investments target quality tourists such as families and business travelers. We are not planning to include a casino in our projects as it does not align with the positioning and destination that we are developing,” Wallapa added.
Thailand has proposed the development of an “Entertainment Complex” featuring a legal casino as part of broader plans to boost tourism and stimulate the country’s economy. The concept has been under consideration for some time, but gained renewed interest as a way to attract more international visitors and generate revenue. The plan includes a range of entertainment facilities, hotels, shopping centers, and possibly other attractions, aiming to create a comprehensive destination for tourists.
The initiative is not without controversy, as gambling is currently largely illegal in Thailand, except for the state-run lottery and horse racing. The idea of legalizing casinos has sparked debate over its potential social impacts and regulatory challenges.
The government has expressed the intent to carefully study the plan’s feasibility, assessing potential locations and the economic, social, and regulatory implications. Legislative changes would be necessary for the project to proceed, and public opinion remains divided on the issue.
