Latest news with #Julapun
The Star
05-06-2025
- Business
- The Star
Thailand unveils landmark entertainment complex to boost economy, tourism
BANGKOK: (Bernama) Thailand has unveiled plans for a landmark "Thailand Entertainment Complex' project, aimed at boosting economic growth, attracting international tourists and strengthening its global competitiveness. Deputy Finance Minister Julapun Amornvivat said the project was part of efforts to position Thailand as a premier destination for world-class attractions. "The complex is envisioned as a new economic engine, fostering tourism revenue and creating innovative industries to ensure sustainable economic growth,' he said in a statement on Thursday (June 5). The entertainment complex is anticipated to generate 12 to 40 billion baht in annual tax revenue while creating thousands of jobs, he said. Julapun said the government has submitted a draft bill to the House of Representatives to establish a regulatory framework for the complex. Meanwhile, Deputy Secretary-General to the Prime Minister, Suksit Srichomkwan, said the complex will include a casino, which will operate under strict legal conditions and anti-money laundering measures. It will also feature concert halls, large convention and exhibition centres, amusement parks, museums, Michelin-starred restaurants, and green spaces for outdoor activities. The project will be financed by private investment, sparing public funds, he said. - Bernama
New Straits Times
05-06-2025
- Business
- New Straits Times
Thailand unveils landmark entertainment complex to boost economy, tourism
BANGKOK: Thailand has unveiled plans for a landmark "Thailand Entertainment Complex" project, aimed at boosting economic growth, attracting international tourists and strengthening its global competitiveness. Deputy Finance Minister Julapun Amornvivat said the project was part of efforts to position Thailand as a premier destination for world-class attractions. "The complex is envisioned as a new economic engine, fostering tourism revenue and creating innovative industries to ensure sustainable economic growth," he said in a statement on Thursday. The entertainment complex is anticipated to generate between 12 billion and 40 billion baht in annual tax revenue while creating thousands of jobs, he said. Julapun said the government has submitted a draft bill to the House of Representatives to establish a regulatory framework for the complex. Meanwhile, Deputy Secretary-General to the Prime Minister, Suksit Srichomkwan, said the complex will include a casino, which will operate under strict legal conditions and anti-money laundering measures. It will also feature concert halls, large convention and exhibition centres, amusement parks, museums, Michelin-starred restaurants, and green spaces for outdoor activities. The project will be financed by private investment, sparing public funds, he said. — BERNAMA
Yahoo
03-03-2025
- Business
- Yahoo
Thailand drops $1.5 million asset entry rule for locals in casino plan, official says
BANGKOK (Reuters) - 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. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "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. ($1 = 34.30 baht)
Reuters
03-03-2025
- Business
- Reuters
Thailand drops $1.5 million asset entry rule for locals in casino plan, official says
BANGKOK, March 3 (Reuters) - 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 (LVS.N), opens new tab. ($1 = 34.30 baht)
Reuters
07-02-2025
- Business
- Reuters
Thailand aims for 3.5% GDP growth in 2025, official says
BANGKOK, Feb 7 (Reuters) - Thailand is targeting economic growth of 3.5% this year, supported by tourism, foreign investment and government stimulus, a deputy finance minister said on Friday. "We are not satisfied with 3.0% growth ... if we build efficiency and close the gaps, our target is 3.5%. We can take it there," Julapun Amornvivat told a business forum. He said GDP growth for 2024 was estimated to have been 2.7% to 2.8%. Official data is due on Feb 17. The next phase of government's cash handout programme is slated to start in the next quarter with another 150 billion baht ($4.5 billion) to be distributed. "This is a huge sum of money directly injected into the economy," Julapun said. The "digital wallet" handout scheme provides 10,000 baht ($300) each to an estimated 45 million people to spend in their localities within six months. So far about 17.5 million people have received payments since it started last September. Other government measures to spur growth include an initiative to provide public housing for low-income earners and expanding universal healthcare. Julapun said the government was expecting foreign investment in new industries, which would also help growth. Thailand is drafting a strategic plan to attract investment in the semiconductor and printed circuit board industries amid U.S. President Donald Trump's renewed trade war with China. "When a giant moves, the entire house shakes," he said, referring to Trump's return to office. ($1 = 33.66 baht) Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here.
