Thailand to drop $2m entry hurdle for locals at planned casinos

BANGKOK – Thailand is dropping a requirement that locals must prove they have had at least 50 million baht (S$2 million) in the bank for six consecutive months to be allowed to gamble in casinos, which the government plans to legalise.

Ministry of Finance data found only 10,000 such accounts would have met the minimum criterion, according to Deputy Finance Minister Julapun Amornvivat. Thailand has a population of roughly 70 million people.

“Such restrictions would push those wanting to gamble to do so in neighbouring countries or engage in illegal gambling activities,” Mr Julapun said on March 3.

The change represents a significant easing of previous rules,

which were drafted amid concerns about the potential for problem gambling

as the nation becomes the latest player in the global gaming industry. Under earlier announced plans, locals’ bank statements had to show their multibillion-baht balance dated back six consecutive months.

But the government will keep a rule that locals must pay 5,000 baht to be able to enter legalised casinos, Mr Julapun said.

That is similar to the daily levy of $150 that Singaporeans must pay if they visit their local casinos. 

Finance Minister Pichai Chunhavajira separately said the Office of the Council of State has finished vetting the entertainment complex Bill.

Draft legislation is expected to be submitted to the Cabinet in the next two weeks after being released to the public for feedback, he said. It would then go to Parliament.

Mr Pichai does not see many further revisions in principle, and said that the latest changes mainly cover a clear definition of what entertainment complexes could qualify for a licence.

Thailand is keeping a requirement that casinos make up only a small part of any complex, which can also have facilities such as hotels and amusement parks. Bloomberg