The global economic slowdown is unlikely to affect investment in the much-touted entertainment complex project because it is a long-term investment, says Deputy Finance Minister Julapun Amornvivat.
Speaking after the cabinet approved the draft entertainment complex bill legalising casino gambling on Thursday, Mr Julapun said the sluggish global economy will not impact this project as there is a significant amount of capital worldwide ready to be invested.
He said since the government introduced the idea of establishing an entertainment complex, several investors expressed an interest in the project, viewing Thailand as a more attractive destination for casino gambling than many other countries, including Japan.
According to Mr Julapun, there are fewer than 10 major global investors involved in this type of project, all of which are large-scale investors.
He said there is no need for concern about casinos becoming a hub for money laundering or illegal businesses, as these projects require a budget of hundreds of billions of baht, representing a significant financial commitment.
These investors are unlikely to risk engaging in illegal activities that could lead to their licences being revoked, said Mr Julapun.
Thailand has a distinct advantage over many other countries for this type of investment, he said. The country already boasts natural beauty that attracts roughly 40 million tourists a year, and its well-developed transport infrastructure further enhances its appeal.
"This investment project will help drive Thailand's economy forward, eliminating concerns about whether the country can achieve a 3% growth rate," said Mr Julapun.
He said the government aims to push the draft bill through parliament during this legislative session, perhaps by April. The entire process, from drafting to final approval, is expected to take about a year.
Once the law is in effect, a regulatory office will be established and the Policy Committee will determine suitable locations and the number of entertainment complexes permitted, said Mr Julapun. Initially, the proposed construction sites are expected to be state-owned land or government property.
The committee will decide on the components of each entertainment complex, which may include amusement parks, sports stadiums, or museums to attract tourists, he said.
The land needed for each project is estimated at 300 rai, with casino space not exceeding 10% of the total land area or the usable space of the building that houses the entertainment complex, whichever is smaller.
"Once this law is enacted, the project can start the piling work within three years," said Mr Julapun.
He said Thailand's entertainment complex model would not follow the Las Vegas model, building up in a desert and requiring extensive infrastructure investment. Instead, Thailand will focus on locations that are already tourist attractions to enhance the average spending per visitor, said Mr Julapun.
