Thailand Set To Transform Tourism And Entertainment With New Integrated Resort Act
Thailand іs оn the brink оf a significant transformation іn its entertainment and tourism sector with the upcoming submission оf the draft law оn entertainment complexes, now being termed the Integrated Resort Act, tо the cabinet for deliberation. Deputy Finance Minister Julapun Amornvivat confirmed that the draft, which encompasses the legalization оf casinos within these resorts, has garnered substantial public support and іs poised for a parliamentary review.
Comprehensive Development To Boost Tourism
The proposed Integrated Resort Act is expected to bring about a revolution in Thailand’s tourism by introducing entertainment complexes that will include casinos, luxury hotels, and various cultural and recreational facilities. According to a recent study by the Fiscal Policy Office (FPO), these complexes are projected to attract between 5% and 20% more foreign tourists annually, potentially increasing average spending per tourist from the current THB 40,000 ($1,183) to THB 60,000 ($1,776).
The draft law aims to enhance the Thai economy not only through tourism but also by creating job opportunities for locals. “I hope as many Thais as possible will be employed in the entertainment complexes, which may require training to ensure they have the necessary skills,” stated Deputy Finance Minister Julapun, as reported by Asia Gaming Brief. This initiative reflects a broader strategy to integrate high-value economic activities that benefit various stakeholders within the country.
Strategic Adjustments Post-Public Hearing
Following extensive public hearings, the FPO is set to propose several significant changes to the draft law. One of the key recommendations includes changing the name of the law from “Entertainment Complex with Casino” to the “Integrated Resort Act” to better reflect the comprehensive nature of the developments. This amendment aims to expand the scope of permissible activities within the complexes from four to seven, with provisions for dedicated areas showcasing Thai culture, thereby enhancing the appeal of these resorts.
Adjustments have also been suggested regarding the ownership and operational frameworks of these complexes. The public has advocated for Thai ownership to be between 30% and 51%. Additionally, there are proposals to adjust the duration of licenses issued for operating these complexes, ranging from a minimum of 10 years to a maximum of 60 years, with a cap on the number of complexes between three and seven nationally.
The proposed locations for these integrated resorts include major tourist destinations such as Phuket, Chiang Mai, Chonburi, Rayong, and Hua Hin, strategically excluding Bangkok tо distribute tourism benefits more broadly across the country. The draft law also stipulates that private investors must have a minimum registered capital оf THB 10 billion (approximately $300 million). Moreover, the entry fee for Thai nationals wishing tо enter a casino іs capped at THB 5,000 ($148) per visit, with licenses for the complexes being valid for 30 years, renewable іn 10-year increments.
