BANGKOK: Thailand's Deputy Finance Minister Julapan Amornvivat (pic) has robustly defended the government's ambitious plan to establish integrated entertainment complexes, pushing back against concerns that the move could tarnish the country's reputation by associating it with a "grey" economy.
Julapan questioned the logic of such claims, asking if nations with legalised casinos, such as the United States, Singapore, Japan, and Dubai, would similarly be labelled.
He argued that the proliferation of illegal gambling dens across Thailand, often wilfully ignored, presents a far greater risk of a "grey" image than regulated casinos operating under strict legal and supervisory frameworks.
He suggested that the criticism might represent the personal view of the Bank of Thailand governor rather than an official institutional stance.
Undeterred, Julapan affirmed the government's unwavering commitment to the Entertainment Complex project, following the Cabinet's approval.
The relevant draft legislation is now progressing towards parliamentary consideration.
He stressed that the government's vision encompasses multifaceted national development, including wellness complexes alongside entertainment hubs, as a responsible administration must foster progress across all sectors.
The current government aims to finally realise the Entertainment Complex project, a concept that has been discussed for three to four decades without tangible progress.
They firmly believe it will be a "significant turning point" for Thailand's economy and tourism, attracting a minimum investment projected to exceed 100 billion baht and generating substantial economic growth.
The anticipated timeline, assuming parliamentary approval, envisages approximately one year for the establishment of a dedicated regulatory body, the completion of feasibility studies, and the drafting of tender documents to invite private sector investment.
The ambitious target is to break ground on construction within three years.
Regarding potential locations, Julapan suggested large state-owned land plots, at least 300 rai per site, to mitigate land disputes and accommodate the extensive facilities planned within the complexes, such as museums, theme parks, and hotels.
In a significant development, Julapan revealed strong interest from several world-renowned international companies in investing in the project.
Notably, Wynn Development Co., Ltd., the owner of Wynn Resorts, a leading global integrated resort operator from Las Vegas, USA, has engaged in discussions.
Chris Gordon, President of Wynn Development, met with Julapan to inquire about the project details and express keen interest, recognising Thailand's potential to attract major investment and its strong tourism appeal. He believes the initiative could elevate Thailand to a premier global entertainment destination.
"The interest from leading companies like Wynn Resorts underscores their confidence in Thailand's potential," Julapan stated. "
The government is committed to proceeding carefully to ensure economic growth, job creation, and new employment opportunities, alongside social stability and the benefits for the Thai people. We have updated Wynn Resorts executives on the progress of the draft legislation, which is expected to be submitted to Parliament around July this year."
The legislation will incorporate stringent measures to combat money laundering and address potential social impacts, such as gambling addiction.
Gordon added that Wynn Resorts already implements rigorous anti-money laundering and responsible gaming measures and is willing to share its global expertise and technology currently employed in its operations in the United States and other countries.
Julapan concluded by noting that, in addition to Wynn Resorts, other world-class entertainment complex operators involved in related sectors like concerts, shows, and sports have also expressed interest and are actively seeking discussions with the government. - The Nation/ANN
