Thailand Releases Casino Legalization PlanExperts Predict Massive Gaming Market |
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In an effort to boost tourism, Thailand is moving closer to legalizing casinos and released a plan earlier this week detailing what may be on the horizon in the coming years. The country is heavily reliant on foreign tourism but has struggled to recover since the pandemic.
Prime Minister Thavisin was elected last year and has made it a goal to turn this around, and that now includes adding casinos to bring in more visitors. He warned that with the economy “recovering so slowly, there is the risk of economic recession. It is necessary to stimulate the economy and spending.”
Details On The Plan
The country’s legislature overwhelmingly approved a draft bill in March that could add as many as eight casinos.
The Buddhist country has long banned gambling, but underground betting remains popular, according to reports. Thavisin thinks the plan would allow gaming in a more legalized environment that would boost tourism while also benefiting the economy and government.
“If they can go to legal casinos, why will people continue breaking the law?” the prime minister noted in a news conference. “Gamblers can try their luck at casinos that are legal.”
Adding casinos is part of an overall effort by lawmakers to create a “fun economy” geared toward entertainment, sports, conventions, and large resort venues with casinos, hotels, retail outlets, restaurants, and more.
Chance For Huge Market
Popular tourist destinations like Phuket, Chiang Mai, and Chonburi are expected to be among the areas that could be home to the potential casino resorts. Two may also be considered for Bangkok as well.
Industry experts see major market potential for a Thailand gaming sector. CLSA, one of Asia’s leading brokerage and investment firms, predicted in a recent report that legalized casinos could produce annual gross gaming revenue of $15.1 billion. That would make it the third-largest casino market in the world after Macau and Singapore.
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