Thailand Presents a THB 100 Billion Amusement Park Project, Aiming to Compete with Singapore's Casino Victories
Thailand's Bold Move: Creating a Glitzy Entertainment Hub
The Thai government is embarking on an ambitious project to construct a comprehensive leisure destination, dubbed the "Thailand Entertainment Complex". This initiative aims to elevate Thailand's status as a global tourist magnet and tackle seasonal visitor downturns.
Deputy Secretary-General to the Prime Minister, Suksit Srijomkwan, unveiled the plan at a recent press event. The project is under the watch of Deputy Finance Minister Julapun Amornvivat and targets reinforcing the Thai economy by leveraging private investment.
Battling Seasonal Tourism Challenges
The complex is designed to offer continuous attractions in periods when Thailand's natural sites lose appeal, particularly during the mid-year low season characterized by hot and wet weather, resulting in decreased visitor numbers.
Suksit explained that existing stadiums such as Rajamangala and Supachalasai are not conducive to hosting world-class events due to their open spaces and lack of suitable roofing. The need for an indoor stadium to tackle these issues was emphasized.
The development will encompass exhibition centers, large-scale concert venues, museums, water parks, and amusement parks, drawing inspiration from pioneers like Disneyland and Universal Studios.
High-end restaurants, OTOP (One Tambon One Product) centers, and business incubation hubs are among the additional facilities planned.
Tight Gambling Controls Enforced
Thai officials are insisting that casino facilities will operate under stringent regulations and will not be accessible to everyone. The project is not connected to online gambling, as the government remains committed to combating illegal online gambling websites.
Suksit underlined that the integrated casino facilities will not be open to the public and will adhere to strict anti-money laundering measures and robust security protocols. Thai officials cite Singapore and Japan as examples of successful regulatory models adopted by the entertainment complex.
Projected Economic Impact
Government analysts estimate that the complex will generate a staggering 12-39 billion baht in annual state revenue, with the revenue allocated towards supporting education, youth development programs, public health, aid for vulnerable groups, and the promotion of CSR and community development in adjacent areas.
Tourist spending is projected to skyrocket from the current average of 6,000-7,000 baht per trip to approximately 22,000 baht. The Thailand GDP is expected to grow by 0.23% during construction and 0.2-0.8% after opening, generating 100-200 billion baht in tourism revenue annually.
Employment Opportunities Aplenty
The project promises the creation of over 9,000-10,000 direct jobs, with the potential for significantly more, especially when compared to Marina Bay Sands, which employs 12,000 people alone. Priority will be placed on hiring Thais and utilizing domestic construction materials and products.
Inspired by Singapore's success, Suksit highlighted that integrated entertainment resorts can contribute 1-2% to GDP, attract 300 billion baht in foreign investment, and create approximately 20,000 jobs. Singapore saw a 47% surge in tourism between 2010 and 2022 following its integrated resort openings.
The regional market appears lucrative, with 2022 revenues from integrated entertainment resorts reaching 320 billion baht in South Korea, 1.2 trillion baht in Macau, and 430 billion baht in Singapore.
"Our neighboring countries are ramping up competition by creating new man-made destinations," Suksit noted. "Thailand, however, has learned from these models, giving it an edge due to its strong potential in natural tourism, culture, infrastructure, and a tourist base of over 30 million visitors."
Investment and Timeframe
The project will be funded entirely by the private sector, with companies required to have a presence in Thailand and submit comprehensive investment and operational plans. Prospective operators will need to meet a minimum investment of 100 billion baht.
Bidding companies may form consortiums to cover various business segments within the complex. Julapun expressed confidence that the Entertainment Complex bill will be finalized within Prime Minister Paetongtarn Shinawatra's remaining two-year term, with House of Representatives discussions planned for July.
"Once it is listed as Agenda 1 and a committee is appointed, it will follow the legal process and is expected to be completed within the term of the current government, or by 2027," Julapan stated. However, uncertainties remain about the bill's final passage, as some dissenting parties may voice concerns.
Despite these challenges, Julapan is optimistic about the bill's passing. "The government is not concerned that the law will not be approved by Parliament, as it was proposed by the Cabinet, which holds the majority in Parliament. We are also confident that we can clarify and foster understanding with all dissenting parties, and expect it to be completed within two years," he stated.
Several notable global entertainment complex operators have already expressed interest in the project, awaiting clarity on the legal framework, particularly anti-money laundering provisions. To date, two prominent investors, Wynn Development (owner of Wynn Resorts) and MGM Resorts, have shown significant interest in investing in Thailand. Additional meetings are planned with other entertainment industry players, including stadium owners and event organizers.
"The two investors we've spoken with have shown significant interest in investing in Thailand. They also estimate that Thailand has the potential to become the world's third-largest Entertainment Complex within the next 5-10 years, trailing only Las Vegas in the United States and Macau," Julapan stated.He acknowledged that despite the concerns, all stages of the project will be transparent, fully supported by law, and subject to strict oversight.
- The Thailand Entertainment Complex, a comprehensive leisure destination, aims to elevate Thailand's status in the global tourist market and mitigate seasonal visitor downturns.
- The project, initiated by the Thai government, is overseen by Deputy Finance Minister Julapun Amornvivat, targeting the reinforcing of the Thai economy through private investment.
- To battle seasonal challenges, the complex will provide continuous attractions during periods when natural sites lose appeal, such as during the mid-year low season.
- Suksit, Deputy Secretary-General to the Prime Minister, emphasized the need for an indoor stadium to host world-class events and overcome issues with open spaces and lack of adequate roofing in existing stadiums.
- In addition to exhibition centers, concert venues, museums, water parks, and amusement parks, the development will include high-end restaurants, OTOP centers, and business incubation hubs.
- Strict regulations will govern casino facilities within the complex to prevent public access and combat money laundering activities, with Singapore and Japan serving as regulatory models.
- The complex is projected to generate substantial revenue for the state, with an estimated 12-39 billion baht annually, allocated towards support for education, public health, and community development.
- The project promises to create over 9,000-10,000 direct jobs and attract significant foreign investment, reinforcing Thailand's position in regional and international tourism and business markets.
