Entertainment complex a game changer for Thailand: Finance Ministry

In a roundtable session hosted by Krungthep Turakij, he explained that the Council of State had made significant improvements to the entertainment complex bill, particularly regarding venue locations and accessibility.

He expects the bill to be presented to the Cabinet and the House of Representatives soon.

Julapun emphasised that the entertainment complex will serve as a new growth engine for the Thai economy, noting that the economy has struggled over the past 30 years, particularly due to the Covid-19 pandemic. 

"Our economy once grew exponentially, but it is difficult right now as we lack a new growth engine," he said.

Further elaborating on the project, Julapun explained that Thailand’s entertainment complex will include a casino along with at least four other attractions to draw visitors, such as hotels, water parks and Michelin-starred restaurants. 

"We will create man-made destinations to encourage families to engage in activities together," he said, confirming that restrictions would be imposed on certain venues, including casinos.

Deputy Finance Minister Julapun Amornvivat

He pointed out that the government has looked at successful business models in Singapore, Dubai and Las Vegas. In Singapore, the entertainment complexes at Marina Bay Sands and Sentosa significantly boosted tourism by 5-25%, compared to previous levels, he explained. 

However, he does not expect Thai tourism to grow at such an exponential rate, saying that Thailand already has a strong tourism ecosystem.

We hope that tourist spending will increase from around 40,000 baht to 60,000 baht per person per trip, while the number of tourists is expected to increase by 5-10%, he said.

Regarding concerns about laws and regulations to oversee the entertainment complex, Julapun confirmed that strict measures would be put in place, including casino entry fees and gambler deposits.

The entry fee, capped at 5,000 baht, is designed to ensure that people are prepared for the consequences of gambling. He also mentioned that technologies such as artificial intelligence (AI) and big data will be used to monitor gambling behaviour.

"This policy will address issues related to gamblers who frequent illegal gambling establishments or casinos in neighbouring countries," he said, adding that laws and regulations would also cover efforts to combat grey market activities, money laundering and corruption.

Julapun revealed that two committees would be established to manage the entertainment complex: one for policy and the other for operation. The committee overseeing policy will be chaired by the Prime Minister to ensure maximum accountability and transparency.

The licence holders must be supervised with world-class standards, not as gray capital that seeks to exploit opportunities. This matter must be handled with the utmost caution and thoroughness, he said.

He stressed that the entertainment complex should have a positive impact on both the economy and society, promoting fair competition among entrepreneurs. He also confirmed that multiple companies are interested in investing in entertainment complexes in Thailand.

Additionally, Julapun said the entertainment complex will yield benefits in tax collection, investment and tourism. Revenue generated will be used to develop Thailand’s infrastructure and education, as well as to alleviate public hardships.

"An entertainment complex is a game changer for Thailand, but it is up to Parliament to decide whether the first reading will proceed," he said. 

He remains confident that Thailand has the potential to both capitalise on the benefits and manage the risks associated with the entertainment complex.