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Read Full BioMGM, and two other firms are speaking to the Thai government about plans to build casino-entertainment complexes in the country.
Deputy Finance Minister Julapun Amornvivat said on May 19 that Wynn and MGM have already held talks with senior government officials.
The Bangkok Post quoted Julapun as stating that the government held talks with MGM on May 19 following a previous meeting with Wynn.
Wynn, MGM: Thai Casino Plans?
The Deputy Finance Minister added that two other unnamed “major foreign investment firms have also scheduled meetings to discuss potential investments. “
Julapun said: “Both Wynn and MGM Resorts share the same view as us. They are interested in investing in Thailand and believe our legal framework is quite solid, especially regarding money laundering and gambling regulation.”
The government official added that potential investors know they are participating in an open consultation phase.
He said that Bangkok intends to hold a “fair and transparent bidding process” before issuing concessions.
Prime Minister Paetongtarn Shinawatra and her ruling Pheu Thai Party want to legalize casinos as part of new entertainment complexes.
However, she will need lawmakers to approve her proposal to legalize the gambling sector. Many MPs and senators, including Deputy Prime Minister Anutin Charnvirakul, bitterly oppose the bill.
Anutin and leading senators have called on Paetongtarn to hold a referendum on the proposal, claiming it violates the Thai constitution.
Demonstrators expressed displeasure at the proposal outside the parliament building in early April.
Despite Paetongtarn’s efforts to fast-track the bill through parliament, senators want to hold a review. Experts claim this could hold up the bill until the last few months of the year.
But Paetongtarn’s government appears undeterred. Julapun said: “We are now clearly signalling that we are open to discussions with investors. Especially as we move forward with drafting legislation and seek to attract over 100 billion baht [$3 billion] in investment.”
We Only Want to Work With Major Companies, Says Thai Government
Julapun added that the government will not work with small or unprepared investors due to worries about their capacity to adhere to regulations and fight gambling addiction and money laundering.
The Deputy Minister says the government must listen to industry stakeholders to ensure that new regulations comply with global standards and align with investors’ expectations.
Earlier this month, the former abbot of one of Thailand’s most famous temples was publicly disrobed over allegations he stole money from temple funds to spend on illegal online gambling platforms.
