Thailand’s Ministry of Finance has been instructed to expedite a feasibility study it is conducting into the development of integrated casino resorts, some two months after it was given an initial 30 days to review a House Committee report in April.
According to The Bangkok Post, Prime Minister Srettha Thavisin has assigned Deputy Finance Minister Julapun Amornvivat to expedite the study and to subsequently draft new legislation and regulations to present to the cabinet when complete.
Government spokesman Chai Wacharonke also confirmed that Thailand wanted to speed up the process in order to beat Japan’s planned opening of its Osaka IR in 20230, with a view to claiming a larger share of regional gaming revenues, according to The Bangkok Post’s report.
It quoted Wacharonke as estimating tax revenues in the first year of Thai IR operations reaching at least TBH12 billion (US$328 million).
The Ministry is leading a total of 17 government agencies considering the House Committee report but recently asked for an extension on delivering its findings due to the extensive nature of the proposal.
It has, however, stated that it wants the gaming areas in Thailand’s legal integrated resorts to not exceed 5% of the total project area, with the remainder to be utilized for complementary hotel and entertainment offerings.
The cabinet’s endorsement in April included a recommendation for IRs to be joint investments between the government and private operators, which could follow a concession model similar to that utilized in Macau. It also suggested IRs be located close to international airports to ensure international visitors are well catered to.
RelatedPosts
