In a significant development for the gaming industry in Thailand, former Prime Minister Thaksin Shinawatra has confirmed his support for the legalization of casinos. This endorsement from Thaksin, the influential father of Thailand’s newly appointed Prime Minister, Paetongtarn Shinawatra, is seen as a strong indication of the government’s direction towards legalizing casino resorts. Thaksin’s backing comes at a crucial time, following the recent removal of former leader Srettha Thavisin from office.
Economic Vision and Casino Legalization
Thaksin outlined his vision for revitalizing Thailand’s sluggish economy during a detailed speech titled “Vision for Thailand” on Thursday. Among the measures he proposed to stimulate economic growth is the development of large-scale integrated resorts (IRs) featuring legalized casinos. Thaksin emphasized the significant investment potential these projects could bring, with an IR in Bangkok alone estimated to attract investments of around TBH100 billion (US$2.90 billion). Similar projects in other provinces are projected to draw investments of approximately TBH50 billion (US$1.45 billion) each, according to a report by Bloomberg.
This stance aligns with predictions from industry experts who have anticipated that the Pheu Thai party, led by Thaksin’s daughter Paetongtarn, would continue to pursue casino legalization as part of its economic policy. William J Jones, Assistant Professor of International Relations at Bangkok’s Mahidol University International College, stated last week that “Thaksin and his daughter as new PM will continue with the casino plan, as tourism including MICE is a major plank of [their party]
Pheu Thai’s economic policies.”
Economic Stimulus and Policy Influence
Thaksin also voiced support for a substantial economic stimulus plan during his speech. The proposed TBH500 billion (US$4.5 billion) handout plan aims to distribute TBH10,000 to approximately 50 million Thai citizens via a digital wallet, with the stipulation that the funds be spent locally within six months. Thaksin described this plan as an “immediate economic boost in September,” stressing the need to stimulate the economy, which he noted has been stagnant for an extended period.
Regarding Thailand’s broader economic outlook, Thaksin remarked, “I think the Thai economy hasn’t hit the bottom yet but it’s unlikely to slide any further. The government has done many things and that will help control the situation.” He highlighted the importance of government leadership in these efforts, while also calling on the private sector to contribute.
Despite not holding an official position within the Pheu Thai party, Thaksin’s influence over his daughter’s administration is undeniable. Many political analysts believe that Thaksin will play a pivotal role in shaping policy, particularly in navigating the coalition government towards supporting casino legislation. Thaksin’s experience and political acumen could be crucial in securing backing from coalition partners, some of whom have expressed reservations about the casino initiative.
Path Forward for Casino Legislation
The timing of Thaksin’s endorsement is noteworthy, as it follows the conclusion of a two-week public feedback period on draft casino legislation. Released earlier in August, this draft outlines the key governance and operator requirements for the proposed casinos. The public feedback period, which concluded quietly over the weekend, represents a step forward in the legislative process. The removal of Srettha and the appointment of Paetongtarn Shinawatra as Prime Minister have injected new momentum into the discussion, with Thaksin’s support likely to be a decisive factor in the legislation’s progress.
As Thailand moves closer to potentially legalizing casinos, the involvement of Thaksin Shinawatra, with his vast political experience and influence, is expected to play a critical role in shaping the future of the country’s gaming industry.
Source:
New Thai PM’s Influential Father Thaksin Shinawatra Confirms Support for Legalized Casinos, asgam.com, August 23, 2024.