Bangkok: Mr. Suksit Srijomkhwan, Deputy Secretary-General to the Prime Minister for Political Affairs, has addressed concerns surrounding the draft law on "Entertainment Complexes," assuring the public that issues like "money laundering - grey capital" should not be a concern. He emphasized that large companies, which are professionally managed and globally regulated, are expected to invest in these ventures.
According to Thai News Agency, Mr. Suksit highlighted that the draft law has already passed public opinion, though he acknowledged differing viewpoints. He pointed out that the investment specifications require a minimum of 10 billion baht, aiming to stimulate investment and elevate Thai tourism. The draft includes measures to prevent gambling addiction, such as prohibiting entry to individuals on a negative list and requiring a committee decision on casino entrance fees to protect vulnerable groups. Mr. Suksit explained that the new law addresses the outdated and narrow scope of existing Thai gambling laws, with investors eagerly anticipating developments across Asia.
In his remarks, Mr. Suksit admitted that the draft bill cannot completely resolve gambling issues but incorporates various components to mitigate the problem. He noted that many Thais currently gamble in neighboring countries, often in legally ambiguous situations, resulting in money leaving Thailand and contributing to call center scams. By establishing full-service entertainment complexes within Thailand, Mr. Suksit believes that funds can be retained domestically in a transparent and verifiable manner.
Mr. Suksit cited Singapore as a successful example, where revenues from licensing fees have been used to combat illegal gambling, thus reducing crime rates. He emphasized that significant gambling activities occur along borders, and licensing could help mitigate these issues while funding gambling addiction treatment programs, similar to initiatives in other countries.
Addressing concerns about potential money laundering, Mr. Suksit underscored that the draft bill mandates substantial investment from globally regulated companies, such as those operating in Las Vegas, Macau, and Singapore. These companies, already subject to stringent regulations, would be disinclined to risk their licenses by engaging in illicit activities in Thailand. The government plans to attract experienced investors capable of managing money laundering and gambling-related debts, ensuring robust systems and rules are in place.
To prevent exploitation by grey Chinese groups, Mr. Suksit outlined measures requiring companies to submit detailed investment plans and shareholder information for verification. Any changes in shareholder composition would necessitate notification to a policy committee, ensuring transparency and accountability. He reiterated that attracting and supervising reputable global companies is crucial to the government's strategy.
With a target completion date of 2029, Mr. Suksit expressed optimism about opening Thailand to investment and tourism opportunities. He explained that if the Council of State reviews the draft without altering its principles, it will proceed to the House of Representatives for further consideration. However, any changes would require Cabinet approval. He emphasized the importance of parliamentary scrutiny to refine the legislation.
Mr. Suksit dismissed calls for a referendum, asserting that public and legislative feedback has been adequately considered. He views the initiative not as a political issue but as an economic opportunity that promises to attract large investors and enhance Thailand's tourism sector. Measures to prevent social harm, including money laundering and grey market activities, are integral to the proposal.
He also noted that individuals wishing to exclude family members from entering the complexes could submit names for inclusion on a negative list. Regarding entrance fees, he mentioned that a 5,000 baht fee is a provisional ceiling, pending further study. A dedicated office will determine appropriate fee levels, considering social protections and economic value.
Mr. Suksit explained that ideal locations for these complexes would be near international airports with robust transportation links and other tourist attractions. The committee will study potential sites to ensure alignment with demand and supply dynamics, considering government and business interests.
Though uncertain about the exact timeline for the law's implementation, Mr. Suksit emphasized the need for thorough legislative development, citing the importance of the Council of State's input. He aims to expedite progress, aligning with Secretary-General Prommin Lertsuridej's projection of a 2029 start date.
Mr. Suksit clarified that the existing Gambling Act of 1935 is insufficient for the proposed entertainment complexes, which involve significant investments and broader activities. The new law will address safety standards and operational hours, necessitating a distinct legislative framework.
He confirmed investor interest and anticipates that the law's enactment will position Thailand competitively among Southeast Asian and Asian countries with similar offerings. The target demographic will primarily be international VIP clients, with differentiated tax structures potentially applied to attract them.
Mr. Suksit assured investors of equal opportunities to submit projects for committee evaluation, recognizing Thailand's natural attractions as a draw for world-class investors.