Big plans for ‘Royal Siam Haven’ entertainment complex

The Royal Turf Club of Thailand (RTCT) has announced plans to invest 200 billion baht in building an expansive entertainment complex called  “The Royal Siam Haven”.

RTCT executive Patvee Surin told Thansettakij, a media arm of the Nation Group, that a memorandum of understanding has already been signed with investment partners. While the exact location of the complex remains undisclosed, Patvee confirmed it will cover a vast area.

The ambitious plan was unveiled during a club meeting on Saturday. The Royal Siam Haven is set to become one of Asia’s top entertainment complexes, featuring casinos, a horse racecourse, a six-star hotel, a golf course, a yacht club, luxury dining options, a theatre, a medical tourism hospital and a learning centre.

Bold economic stimulus initiative

The Royal Turf Club of Thailand joins a group of five foreign and four Thai investors showing interest in developing entertainment complexes in Thailand.

According to a draft bill on entertainment complexes, such developments must include at least one casino and four additional businesses, which may include department stores, hotels, restaurants, nightclubs, sports complexes, yacht clubs, game centres, swimming pools, amusement parks or venues promoting One Tambon One Product (OTOP) goods.

The Thai government expects casinos to become a crucial driver for economic and tourism growth, aiming to enhance Thailand’s “fun economy”, generate employment for locals and increase tax revenue.

Former PM Thaksin Shinawatra, speaking at the “Vision for Thailand 2024” dinner event hosted by the Nation Group last Thursday (August 22), suggested that each entertainment complex in Bangkok would require an investment of up to 100 billion baht. Similar complexes upcountry would require at least 50 billion baht. “Otherwise Thailand cannot compete with other countries,” Thaksin reckoned.

Interest from Thai and foreign investors

Thansettakij has reported that other prominent local entities, including U-Tapao International Aviation (UTA), Charoen Pokphand (CP) Group and The Mall Group, are also planning entertainment complexes in Thailand.

UTA’s project is intended to support the growth of the Eastern Economic Corridor (EEC) and U-Tapao Airport, while CP Group plans to develop a complex in Bangkok’s Makkasan subdistrict in line with the EEC’s high-speed rail project connecting three major airports (Don Mueang, Suvarnabhumi and U-Tapao).

The Mall Group’s complex will be part of a 50-billion-baht mixed-use project in Bangkok’s Bang Na district, which should be partially opened next year.

The group also aims to develop an entertainment complex as part of the 20-billion-baht BLÚ Pearl mixed-use project in Phuket’s Kathu district.

On the international front, five major firms – Las Vegas Sands Corporation, Wynn Resorts, Caesars Entertainment, MGM China Holdings Limited and Hard Rock Café – have shown interest in entering Thailand’s entertainment complex market.

These companies have agreed to the government’s stipulation that casinos occupy only 10-20% of the complex space, but contribute 80% of the total revenue, though they are calling on the government to grant them freedom in choosing their venues. Thai law initially limits entertainment complexes to five areas in the country.