Asian gambling. The strike that was taking place in the Asian country Srilanka has reached some terms in order to be stopped, President Maithripala Sirisena and Krishan Marambe, President of AILDA (All Island Lottery Dealers´ Association) have agreed to settle.
“Even it took some time now we have an assurance that our issues would be solved. Therefore, we called off our protest and would be starting work tomorrow onwards,” said Marambe. The authorities of the country are set to rise the current price of lottery tickets, which agents or operators finger out that affects the sales.
“According to the agreement, we have the power to suspend the people who protested if they do not sell lottery tickets for a period of one month. We have identified the people who were behind the protest, and we will take legal action against the ones who damaged the property of the DLB.” Affirmed DLB chairman and CEO Romesh Jayawardhana.
But as threat to boost the end of this strike against the price increment, the Minister of Finance, Ravi Karunanayake, stated on Monday that those protests mentioned before were unacceptable and the government was ready to take measures, one of those was hiring new agents.
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Thailand’s Ministry of Finance has been appointed lead agency to consider a House committee study recommending the legalization of casino gaming but will work with 16 other agencies in doing so, local media reports.
Deputy Finance Minister Julapun Amornvivat, who chairs the House committee, said earlier that the complexes would create jobs, boost tourism, and curb illegal gambling. He expected the complexes to generate 40-50 billion baht of revenue annually. After the plan is greenlighted, a policy-level committee will be established to supervise the project, to be chaired by the Prime Minister, he said.
Thailand’s National Assembly to debate introducing casinos on March 28
An administration-level committee will then be formed, comprised of ministers and executives from related agencies to consider each aspect of the project in detail.
The 16 other agencies named include the ministries of Tourism and Sports, Social Development and Human Security, Higher Education Science Research and Innovation, Agriculture and Cooperatives, Transport, Interior, Justice, Labour, Culture, Education, Public Health and Industry.
The study itself recommends imposing a 17% tax on gross gaming revenue – making it one of the lowest tax regimes in the region – with locals to be required to pay an entry levy of an amount yet to be determined. License duration would be set at an initial 20 years and then renewable every five years, while the larger casino complexes would require a minimum investment of US$2.7 billion.
The Office of the Council of State, the National Economic and Social Development Council, the National Office of Buddhism and the Royal Thai Police will also be consulted.
In march, a total of 36.301 billion yuan of lottery tickets were sold nationwide, a year-on-year decrease of 5.509 billion yuan or 13.2%. Among them, the sales of welfare lottery institutions were 12.632 billion yuan, a year-on-year decrease of 899 million yuan, a decrease of 6.6%; the sales of sports lottery institutions were 23.669 billion yuan, a year-on-year decrease of 4.610 billion yuan, a decrease of 16.3%. This is mainly because the market was closed during the Spring Festival holiday in February this year.
Cumulatively from January to February, a total of 93.865 billion yuan in lottery tickets were sold nationwide, an increase of 18.832 billion yuan or 25.1% year-on-year.
Among them, the sales of welfare lottery institutions were 32.322 billion yuan, an increase of 7.950 billion yuan or 32.6% year-on-year; the sales of sports lottery institutions were 61.543 billion yuan, an increase of 10.882 billion yuan or 21.5% year-on-year.
Foreigner-only casino operator Grand Korea Leisure which operates three casinos in South Korea and Seoul and Busan under the Seven Luck brand reported a 19.9% month-on-month increase in casino revenue to KRW40.4 billion (US$29.9 million) in March, which was also 4.4% higher than the same month in 2023.
The strong result, comprising a 19.7% sequential increase in table revenue to KRW37.3 billion (US$27.6 million) and 22.7% increase in slots revenue to KRW3.06 billion (US$2.27 million), came off a 10.1% improvement in drop to KRW321.1 billion (US$237.5 million).
This brings casino sales for the first three months of 2024 combined to KRW93.7 billion (US$69.3 million), down 12.9% on the same period last year but on the rise after a slow start to the year.
Table drop of KRW916.0 billion (US$677.4 million) through March is up 21.5% higher year-on-year.
This March 28th Of the 257 House members in attendance, 253 voted in favor of the casino gaming legislation. Deputy Finance Minister Julapun Amornvivat said a casino feasibility study could now be advanced to national government’s cabinet. Assuming momentum continues building, it’s possible the first gaming venue in Thailand could open its doors before MGM Resorts International’s (NYSE: MGM) Osaka integrated resort. The first Japanese casino hotel is expected to open in 2030.
Thailand’s National Assembly to debate introducing casinos on March 28
Assuming two years to finalise a regulatory framework and three years to construct, the first entertainment centre may only open in 2029 (in Thailand),” said Maybank Investment Bank in a note to clients.
Should Thailand’s national cabinet formally approve entertainment complexes, it’s possible that up to eight such venues will be permitted and it’s likely that awarding of gaming licenses will occur in phases.
Thailand Casinos Could Beat Japan Efficiency, Emulate Singapore Model
Owing to its reputation as major tourist destination in Southeast Asia and its penchant for attracting visitors from China and the West, Thailand was already expected to attract some of the gaming industry’s biggest names in terms of bidding for casino permits.
That scenario could be amplified should the Thai government continue displaying efficiency in the legalization and regulatory process. Delays and lack of clarity on those fronts are why so many of the industry’s largest operators eventually threw in the towel on Japan, leaving that country with just the MGM Osaka venue to start its move into casino gaming.
Analysts also expect Thailand’s casino framework will be closer to that of Singapore than Macau and low tax rates could be another draw to international operators.
“Proposed gaming tax rates are low at 17 percent and social safeguards à la [in the manner of] Singapore will be proposed,” noted Maybank analysts.
Singapore is home to just two integrated resorts, which are operated by Genting Singapore and a unit of Las Vegas Sands (NYSE: LVS).
It’s expected that Thai entertainment complexes featuring casinos could boost tourism spending in the country by as much as 52% annually. That’s one reason why the country will likely draw bids from some of the biggest names in the gaming industry.
Thailand’s National Assembly will discuss the potential casino bill in the lower house on March 28 with the bold ambition to take on Macau and Japan with a minimum investment of US$3bn.
Deputy Finance Minister Julapun Amornvivat said: “The bill has been drafted and submitted to the House. The next step will depend on the House’s decision. If the House approves it, I’ll pass it on to the Cabinet to deliberate and the final decision will depend on the Cabinet.” There is expected to be strong bilateral support on the parliamentary floor for the gaming bill.
The House of Representatives has already recomended that casino complexes should be built with no more than five per cent of the floor space dedicated to gaming in up to five locations with Bangkok, Pattaya, Rayong, Phuket, Krabi, and Phang Nga all suggested as ideal locations.
Thai authorities failed in their try to size illegal gambling
An initial casino in the Greater Bangkok area, along with gaming floors in seaside southern regions could generate at least $11bn in taxes if tax was set at 30 per cent. However, the proposal is for a 17 per cent casino tax in line with Singapore to attract foreign investors.
The Royal Thai Police has said that access to casinos should be restricted with age, financial status as well nationality should be used as criteria for allowing access to legalised casinos. They also put forward that casinos should be developed away from communities and educational institutions.
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