According to Thai media on May 6, Thailand's "middle income trap" (Middle Income Trap) has led to Thailand's economic growth being lower than its due potential, which is also a problem faced by every government, and it is necessary to find an engine to promote economic development. The current government's idea is to have a "general entertainment venue" with a legal casino.
Mr. Apicha, CEO of LPN Thailand, said that the integrated entertainment venues will become a new engine to promote Thailand's economic development, help Thailand overcome the "middle-income trap" and achieve economic growth of no less than 5% in line with the government's target. A study of Singapore and Macau, China, found that the entertainment center, casino, and resort businesses play an important role in driving the region's economy.
According to the latest report by Gaming Intelligence in the United States, the value of Singapore's gaming, casino and resort business in 2023 reached 142,519.5 million baht, an increase of 47% from 2022 and 0.8% of Singapore's GDP. Not only that, but it has also created more than 20,000 jobs and driven Singapore's economic growth by no less than 1-2% per year. The same is true for Macau, China, where casinos and resorts have a market capitalization of about 841,627.8 million baht at the end of 2023 and employ more than 51,000 people in related industries.
He further said that relevant data found that Thailand's informal business accounted for as much as 40% of GDP or about 8 trillion baht, and online gambling alone reached 2 trillion baht. It means that the operation of the integrated entertainment center will push the underground industry to the ground, which can directly generate at least 2 trillion baht in revenue, so that the current average growth of the Thai economy is 2.5-3%, so as to achieve the 5% target and create more jobs for the Thai people.