Economic corridors which could usher in a new era for casino legislation in Thailand have been given a boost after their opening was touted for 2029, according to the latest reports.
Bidding processes for the casinos are set to conclude this year and should they be approved, subject to regulatory sign-off, they could be open in five years.
In what will be viewed as progress for the bill, the House of Representatives in Thailand approved a study that will explore the benefits of casinos in the region, which will then be published to the government as developments and discussions continue.
It was also laid out in a statement by the Maybank IB analyst Samuel Yin Shao that the introduction of the corridors will likely be complemented by improved transport links and a myriad of tourism benefits.
Potentially tapping into the sector could be integral if Prime Minister Srettha Thavisin is to follow through on economic pledges made for the country.
There were recent developments as one of the key stumbling blocks was overcome with the agreement of a 17 per cent tax rate in the region.
Furthermore, the bill and the tax rate look to be vital in tackling the black market and halting its growth, as well as enabling the region to compete with Singapore and Macau in terms of the casino sector.
Details stem from the report which was formed by the previous government and took into account the potential economic impact of casinos, in addition to the social consequences that could come with the growth of the market.
It comes amidst an increasingly competitive environment for gaming within SouthEast Asia, with Thailand reportedly eyeing a replication of the market that has thrived in Singapore.
Deputy Finance Minister Julapun Amornvivat said to reporters that the region must acknowledge and take action against its illicit gambling sector, adding that the time is right for a regulated sector in Thailand.
