Thailand drops plan to limit casino entry for citizens
The planned financial test has been deemed too strict as it would have excluded most people.
Thailand.- Deputy finance minister Julapun Amornvivat has announced that the government has decided against a proposal that would have required Thai nationals to have at least THB50m (US$1.5m) in fixed deposits for at least six months before being allowed to gamble in casinos. Instead, Thai nationals will need to demonstrate a three-year tax history to gain entry to casinos.
Amornvivat said the change was made to allow broader access as the original criteria would have excluded most citizens. Amornvivat noted that there are only about 10,000 bank accounts in Thailand with deposits exceeding THB50m, which would have left over 70 million people unable to enter casinos. The casino entrance fee for Thais will remain at THB5,000 (US$144).
The draft bill was approved on January 13 and sent to the Council of State for review, after which it will be sent to the House of Representatives for consideration. The legislation proposes 30-year casino licences with the option for a 10-year renewal. Complexes would be located in designated areas and operated by companies registered in Thailand with a minimum paid-up capital of THB10bn (US$283m). A policy panel led by the prime minister and a regulatory agency would oversee the industry.
Analysts at Citigroup have forecast that casinos in Thailand could generate US$1.91bn annually in gross gaming revenue (GGR). That would surpass the GGR of Singapore’s two casinos and place Thailand only behind Macau and Las Vegas.
