Former Thai PM Advocates For Casino Legalization To Boost Economy
Thaksin Shinawatra, Thailand’s former Prime Minister and the father of the current Prime Minister, is advocating for the legalization of casinos.
Thaksin Shinawatra, the former Prime Minister of Thailand and father of the newly elected Prime Minister Paetongtarn Shinawatra, has voiced his support for legalizing casinos in the country. Thaksin, who is also a member of the current Prime Minister’s party, presented this stance as part of his broader vision for addressing Thailand’s challenges during the “Vision for Thailand” event hosted by Nation Group.
Thaksin highlighted the following points: “2. Legalizing the underground economy: Thailand has a significant underground economy, estimated at about 50% of the official economy. Bringing this economy above ground could boost GDP by 50%, particularly through the legalization of online gambling, where Thais currently lose THB 170 billion ($4.99 billion) annually.”
“4. Entertainment complexes: This would involve substantial investments, potentially in the hundreds of billions of baht, including casinos, which should occupy no more than 10% of the development area.”
This development is promising news for stakeholders and investors, especially following the dismissal of Thailand’s previous Prime Minister on August 15.
Former Prime Minister Srettha Thavisin was a strong advocate for the casino bill, which aimed to legalize casinos and gambling in Thailand. The government had been pushing for this legislation shortly before Thavisin’s removal from office.
With the election of new Prime Minister Paetongtarn Shinawatra, there were concerns about the future of the casino bill due to opposition from some of her supporters. Notably, Deputy Prime Minister Anutin Charnvirakul, leader of the Bhumjaithai Party, which is the second-largest party in the coalition, had opposed the bill.
Interest in Thailand from Macau’s ‘Big Six’ concessionaires had been expressed following the drafting of the casino bill.
