Posted on: August 27, 2024, 04:48h.
Last updated on: August 27, 2024, 04:49h.
Thailand’s controlling political party, the Pheu Thai, continues to pursue the authorization of casino resorts.
Should slot machines and table games come to the Southeast Asia nation that’s home to nearly 66 million people, new research formulated by a special House committee reported this week that the overwhelming majority of patrons would likely be Thai people.
The committee chaired by Deputy Finance Minister Julapun Amornvivat reported to the cabinet that about 90% of casino guests would presumably be domestic residents.
The study used data analytics based on Macau, the Chinese Special Administrative Region where six casino operators report that about 90% of its patron traffic comes from local residents and people from the mainland. Using those gauges, the Thai House committee concluded that a similar forecast should be expected in its own casino resorts.
Local Focus
The study committee assumed that about 10% of the Thai population aged 18 to 75 who are not national welfare cardholders and therefore would qualify to patronize a casino would do so. That would equate to about 3.7 million people.
With Thailand attracting roughly 11 million foreigners a year, and the committee assuming that 10% of that population would be willing to gamble, or 1.1 million travelers, the report resolved that the possible casino customer base would total around 4.8 million people.
The committee believes its estimate is conservative, as global gaming industry research has concluded that about a quarter of adults gamble worldwide. Gambling has also historically been more a part of Asian cultures than in other parts of the world.
Gambling in Thailand is currently limited to horse racing wagering and the state-run lottery. However, illicit gambling like underground casinos and sports betting rings is rampant throughout Thailand.
Newly minted Prime Minister Paetongtarn Shinawatra, who assumed the office earlier this month after Prime Minister Srettha Thavisin resigned, is carrying on Srettha’s belief that regulated casinos would eradicate underground gambling, provide an economic and tax boost to Thailand, and increase tourism.
Srettha resigned effective Aug. 14 amid political pressure for hiring Pichit Chuenban to work in his office. Pichit served jail time for attempting to bribe Supreme Court officials in 2008.
Casino Details
Paetongtarn’s Entertainment Complex Policy Committee will determine the precise regulations that will govern casinos in Thailand should the Senate vote to authorize an initial allotment of up to five resorts.
The regulatory committee remains fielding public input but has previously recommended charging casino operators a five billion baht (US$150 million) licensing fee renewable annually for one billion baht. Licenses would be good for a minimum of 30 years.
The committee recommends that casino floors occupy 5% or less of each resort’s overall footprint. Locals, or Thai residents, would face entry fees to gamble, but the Entertainment Complex Policy Committee has suggested such tolls not exceed 5,000 baht, or about $150.
Las Vegas-based Wynn Resorts has publicly declared its interest in Thailand. Wynn remains bullish on foreign investment, as it continues to construct Wynn Al Marjan Island in the United Arab Emirates and is still heavily invested in Macau.
