Thailand approves legislation to make casinos and gambling legal, but obstacles persist
Thailand is set to join the ranks of Vietnam, South Korea, Japan, and other nations experiencing rapid expansion of multi-billion dollar casino projects. The government, led by Prime Minister Paetongtarn Shinawatra, has confirmed a draft bill to legalize casino resorts and gambling, which is now moving forward after receiving the backing of the cabinet.
Illicit gambling syndicates in Thailand have been generating billions of dollars in revenue, and the legalization of gambling and casino resorts is expected to boost tourism by 5% to 10% more visitors. This could translate to an extra windfall from tourism, ranging from $3.45bn to $6.32bn.
The Thai government plans to present the casino legalization bill to parliament for approval in May 2025, after cabinet approval and legal adjustments earlier in the year. The goal is to start casino and resort construction between 2026 and 2030. This move could create as many as 15,000 new jobs for casino workers.
The push for legalizing casino resorts and gambling has been on the agenda for two consecutive Thai governments but has not been successfully implemented. However, the current administration is urging lawmakers to pass a law to combat illegal forms of gambling and pave the way for a regulated and profitable casino industry.
If approved, Thailand would join other Southeast Asian countries such as Singapore, the Philippines, and Cambodia, which have existing or planned casino resorts near Thailand. The potential benefits are significant, with a boost to tourism and employment opportunities at the forefront.
As the bill progresses through parliament, it remains to be seen how the Thai government will navigate the complexities of legalizing gambling and ensuring a safe and regulated industry. However, one thing is certain: the potential for economic growth and job creation is significant, making this a crucial step for Thailand's future.
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