Thailand drops $1.5 million asset entry rule for locals in casino plan, official says

Thailand has dropped plans to limit casino access to citizens with assets of at least $1.5 million because it would exclude too many people, a deputy finance minister said on Monday, as the government looks to build a major gaming industry.

The draft law now proposes that Thai nationals with a three-year tax history will be able to enter the planned casinos, instead of being required to have held at least 50 million baht ($1.5 million) in fixed deposits for six months, Deputy Finance Minister Julapun Amornvivat told reporters.

"This criteria would not be able to solve illegal gambling," he said, noting there were only 10,000 deposit accounts in the country with more than 50 million baht.

"That means more than 70 million people won't be able to enter casinos."

A proposed casino entry fee of 5,000 baht remains in the draft law, which will be submitted to cabinet for approval and then sent to parliament before the current session ends on April 11, Julapun said.

Thailand allows gambling on state-controlled horse racing, the lottery, and on some sports such as boxing. Other forms of gambling are illegal, but illicit betting is rife.

Domestic gamblers were seen as an important draw for foreign investors, who are closely watching details of the draft casino law, analysts say.

A Citi report late last year estimated that about half of Thais aged 20 and above could be casino players, providing a base for the country to potentially become the world's third-largest gambling destination.

The Thai government hopes to attract at least 100 billion baht in new investment, lift foreign visitor numbers by 5% to 10%, and generate revenue of more than 12 billion baht a year.

An opinion poll in January found that most Thais oppose the casino plan and some political parties have argue that building a gambling industry would worsen social problems.

Several countries in Southeast Asia have legalised casinos, but only a few like wealthy Singapore have been successful in drawing global giants such as Las Vegas Sands Corp.