BANGKOK — Investors believe that Thailand could become the third largest centre for entertainment complexes in the world after Las Vegas and Macau in the next 5–10 years, which could generate 39 billion baht ($1.2 billion) in revenue for the state, said Thai minister.
Deputy Finance Minister Julapun Amornvivat reiterated the government’s determination to push ahead with legislation for the development of entertainment complexes, with the aim of passing the bill during the current government’s term.
On June 5 in Parliament, Julapun presented details to the Senate Select Committee looking into the establishment of integrated entertainment complexes and listened to concerns to help refine the proposal.
He emphasized that an integrated entertainment complex is not a gambling den, but rather a large-scale investment. He acknowledged that many sectors are opening up platforms for discussion, which he believes will help to concretize the concept.
Casino Cannot Be Excluded
In response to suggestions from some groups to remove the casino element from the entertainment complex, Julapun said that this model is widely used internationally to attract tourists. He emphasized that competition for tourist spending is intense and Thailand cannot afford to stand idle while other countries capture larger shares of the tourism market.
As an example, he cited Disneyland, which had decided against investing in Thailand in the past due to perceived investment risks. However, he said that attracting a brand like Disney could now become a reality through the development of an entertainment complex.
Such a complex would signal to investors that there is a strong population base and consistent tourist traffic in the region, factors that help build confidence that this type of investment can be successful. It’s a logical step in the business process.
Set 2-Year Deadline for the Bill
Asked if the law on the entertainment complex will be passed before the end of the current legislative session, Julapun said this is an important goal the government will strive for. He emphasized that passing a tangible and implementable law would help boost investor confidence in the various sectors. He believes that the two-year timeframe is sufficient to make the necessary adjustments and finalise the legislation.
Earlier in Thailand Entertainment Complex: A World-Class Experience Hub, Mr Julapun shared that global investors involved in the entertainment industry are confident that Thailand could become the third largest entertainment complex in the world within 5—10 years – after Las Vegas in the US and Macau in China. If the project is realised, Julapun said, it would bring immense economic benefits to the country.
“We are not inferior to other countries, within or outside ASEAN, that compete in the tourism sector,” said Mr Julapun. “Thailand offers nature and cultural tourism, strong infrastructure, a comprehensive transport network and large hotels throughout the country. We also already have a solid tourist base of over 30 million visitors. So when it comes to investing in entertainment complexes, Thailand is clearly competitive.”
Increase Tourists and Revenue
Suksit Srichomkwan, deputy secretary-general to the prime minister, added that the entertainment complex is just one of many strategies to improve the tourism sector. More importantly, it is a tool to boost the economy, create jobs, generate income and ensure that Thailand no longer has an “off-season.”
The expected benefits include increasing tourist spending per trip by about 22,300 baht ($685) per person, increasing the number of tourists by 5–20% annually and increasing the number of tourists by 13% during the traditional low season, resulting in a more consistent flow of tourism throughout the year.
The global market opportunity for entertainment complexes is estimated at 54 trillion baht annually. By comparison, in 2022, integrated entertainment complexes in Vietnam generated annual revenue of around 180 billion baht ($5.5 billion), in South Korea 320 billion baht ($9.8 billion) and in Singapore 430 billion baht ($13.1 billion).
These figures from neighboring countries clearly show the economic potential. In Thailand, the projected annual revenue from such complexes amounts to 39 billion baht ($1.2 billion).
As far as the casino areas are concerned, not everyone will be allowed in. Casinos will be strictly regulated under stringent laws and global monitoring standards. These include responsible gaming measures, entry bans, player registration and tracking, as well as wider social responsibility initiatives, such as scholarship funding, corporate social responsibility (CSR) programs and prevention and rehabilitation efforts. The details will be set out in the forthcoming legislation.
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