Thailand drops $1.5 million asset rule for casino entry in revised gambling law

Thailand has scrapped a proposed requirement that locals must hold at least $1.5 million in assets to enter casinos, opting instead for an entry rule based on tax history, a  deputy finance minister said on Monday.

The government had initially planned to restrict casino access to Thais with at least 50 million baht ($1.5 million) in fixed deposits over six months. However, the rule was dropped as it would have excluded too many citizens, said Deputy Finance Minister Julapun Amornvivat.

"This criteria would not be able to solve illegal gambling," Julapun told reporters. "That means more than 70 million people won't be able to enter casinos," he added, noting that only 10,000 deposit accounts in the country met the initial threshold.

Instead, the revised draft law allows Thai nationals with a three-year tax history to enter casinos, while a 5,000 baht ($140) entry fee remains in place. The legislation will be submitted to the cabinet for approval and must pass parliament before the current session ends on April 11.

The Thai government is pushing to attract 100 billion baht ($2.8 billion) in new investment through casino development, aiming to increase foreign visitors by 5% to 10% and generate 12 billion baht ($337 million) in annual revenue.

A Citi report published last year estimated that half of Thais aged 20 and above could be casino players, potentially making Thailand the third-largest gambling market in the world.

Thailand currently permits gambling only on state-controlled horse racing, the lottery, and certain sports such as boxing, but illegal betting remains widespread. Analysts suggest that allowing local gamblers into legal casinos could boost foreign investor interest in the industry.

Despite the projected economic benefits, public opinion polls indicate strong opposition to the casino plan, with concerns that legalized gambling could exacerbate social problems. Some political parties have echoed these concerns, warning of potential increases in addiction, crime, and financial distress.

Several Southeast Asian nations have legalized casinos, but only Singapore has successfully attracted major international operators like Las Vegas Sands Corp. Thailand's bid to establish a competitive gambling sector is being closely watched by industry analysts and foreign investors.

With the asset requirement dropped, Thailand's revised casino legislation still faces regulatory and public scrutiny. The government is expected to finalize the legal framework in the coming months, setting the stage for a major shift in the country's gambling industry.