Economy
Casino Gambling & Integrated Resorts in Thailand
Thailand Moving Closer to Integrated Resorts
In early January of this year, a report was submitted and presented to the House of Representatives of Thailand. It contained surveys and various other research proposing casino-entertainment resorts to be built in Thailand.
As reported by thaicasinocenter.org, a special house committee and Suan Sunandha Rajabhat University ran a public opinion survey at the end of 2022, asking whether Thai people would approve of entertainment resorts being built in certain areas which will have casinos. In that particular survey, 80.7% of people approved the projects, and 36.4% answered that casinos must be a part of those resorts.
An Important Decision
At a three-hour meeting, the House of Representatives of Thailand discussed the proposals presented to them. While the idea of entertainment resorts was not an issue, the inclusion of casinos was the major point that had to be decided upon. Of the 319 representatives present, 310 voted in favor of having casinos as part of the entertainment complexes. It was seen as beneficial due to the economic value that the projects would bring.
The proposal was approved, but this does not mean that casino gambling will become legal overnight. The full report, as well as any extra comments made during the meeting, will be sent to the government for further evaluation. Pakornwut Udompipatsakul, a member of the House committee who was present for this event, said that this is a huge step for the country. However, full authorization and planning may still be two to three years away.
The Official Report
The official report proposed that if the proposal were approved, a new committee would be established to monitor and manage the issue, with the Prime Minister of Thailand having a leading role. In terms of funding, it was proposed that investments come from both public and private sources. With regard to location, the report highlighted Bangkok, the Eastern Economic Corridor (EEC), and places within a 100-kilometer radius of Suvarnabhumi and U-Tapao airports as the first priority. As an alternative, the report then pointed to tourism provinces as the second choice, with a few smaller provinces as the third.
The legality of casinos and online gambling in the country is the main obstacle this proposal faces. To move forward with the project, the 1935 Gambling Act must be amended to allow for casino and online gambling in the areas where the projects are to be built. If the government approves the project, the Ministry of Interior will be responsible for creating and introducing the relevant bill.
Additional Suggestions
In the report, there were also suggestions that the entertainment complex would have a five-star hotel, amusement parks, indoor and outdoor sports stadiums, shopping malls, a zoo, and beauty parlors. In fact, no more than 5% of the resort would be occupied by casinos.
When casinos eventually open, they will welcome locals and foreigners older than 21 years. Additionally, for people to be allowed, they would need to present evidence that they have had at least THB 500,000 or $15,000 in their bank account in the previous six months. The official report also stated that anything won from the casinos would be taxed.
Opposing Views & Future Steps
The proposal for the meeting and approval was received with some opposition, mainly from Thanakorn Komkrit, secretary-general of the Stop Gambling Foundation. He expressed worry that the committee had not developed a strategy to combat illegal gambling or addressed the possibility of criminal groups using casinos and online gaming to launder money. These problems will undoubtedly be thoroughly investigated and debated before the idea is given to the government. The proposal will be discussed further in the next few years.
Final Thoughts
Before the Thai government can move forward with the ambitious project of constructing casino-entertainment resorts in Thailand, a thorough assessment and discussion of potential issues must be conducted. To stay informed, be sure to follow the latest updates at thaicasinocenter.org, which provides reliable coverage of the official report and public opinion. Ultimately, only time will tell whether Thailand will join its neighbors as a prime gambling destination in Asia.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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