• The Thai government is confident in the success of its proposed casino resorts, or entertainment complexes, as they are known locally
• The country’s Deputy Finance Minister has already spoken with five to seven interested parties who may be willing to invest in such projects
• Potential investment in each project could reach as much as $9.3bn, from a $6.3bn starting point

Thailand is pushing forward with its plan to introduce its first legal and land-based casinos that the government hopes would boost the economy, help bring more tourists in, and create jobs.

As the process to introduce these properties is ongoing, the country’s Deputy Finance Minister has confirmed that there is already interest from parties in developing these first properties.

Government confident in the success of upcoming integrated resorts

According to Julapun Amornvivat, who commented on the matter for The Bangkok Post, there were between five and seven international bidders who had already been researching the possibility of pushing forward with a project of their own.

Bangkok, the capital, has been named one of the venues most likely to be involved in the development of such a project.

"There are only about five to seven top-tier global operators in this sector, and they all view Thailand as a promising investment destination. Bangkok, in particular, is seen as highly suitable, with the potential to support more than one entertainment complex."

This comes amid a context of rapid regional and international resort developments, including in places such as Japan, where the upcoming MGM Osaka is expected to compete with Macau, South Korea, and Vietnam’s own casino resorts.

Thailand has so far been lagging behind, but the government is hoping to change that. Among the interested parties for developing projects locally could be MGM Resorts and Wynn Resorts, with the minister meeting representatives of recently.

Investments in future casino resorts could run from anything between $6.2bn to $9.3bn, the minister has clarified. Thailand is hoping to capitalize on its tourist boom with more than 40m tourists welcomed locally every year.

Concerns linger, but everything seems to be moving forward

However, there are still challenges. Academics have called for caution – and even an outright discontinuation of the casino resort plans, citing concerns that the country is ill-prepared to regulate a high-risk industry such as gambling

Others have cautioned that the arrival of a casino resort will potentially ensure that businesspeople with connections to the government will further entrench themselves in the country’s economy.

These and other fears have persisted, but they have so far not been sufficient to dissuade the government from pursuing its strategy of bringing integrated resorts closer to happening.

Image credit: Unsplash.com