Thailand has proposed tough entry requirements for local punters in casinos as it plans to build a major gaming industry to boost tourism, according to a new draft regulation that could dent investor interest.
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Thai nationals must have at least 50 million baht (US$1.5 million) in fixed deposits for at least six months to be able to enter casinos, according to the draft issued on Monday by the Office of the Council of State, which governments consult on legal issues, policy and appointments.
The requirements, which also include an entry fee capped at 5,000 baht (US$150), would effectively block large swathes of the population, where per capita gross domestic product is about US$7,300, according to government data. Most forms of gambling are illegal in Thailand but illicit betting is rife. Domestic casino players were seen as an important draw for foreign investors, who are closely watching details of the draft law, analysts say.
A Citi report late last year estimated that about half of people age 20 and more in Thailand could be casino players, providing a base for the country to potentially become the world’s third-largest gambling destination.
An entry fee as high as 5,000 baht would restrict casino access to upper middle-class and wealthier Thai individuals, said Daniel Cheng, a gaming consultant based in Singapore.
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