Further progress has been made for the legislation of casinos in Thailand after the cabinet backed a special house committee report.
According to a report by the Bangkok Post, the step marks key progression and further developments in the framework for casino regulation in Thailand.
In spite of this, the development of casinos in the region is likely to be a long-term project and won’t be formulated until 2029 at the earliest.
It builds on what is being cited as a ‘fun economy’ embraced as economic corridors, which could be crucial to the implementation of casino regulations in the region, are tapped into.
Bidding processes for the casinos are set to conclude this year,should they be approved, will be subject to regulatory sign off.
It was also laid out in a statement by 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 that 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.
