Bank of Thailand governor warns casino bill could hurt country’s reputation
At a time when Thailand’s Entertainment Complex Bill is entering a period of intense political risk, the Governor of the Bank of Thailand (BOT), Dr Sethaput Suthiwartnarueput, has warned that legalising casinos could harm the country’s international reputation and increase economic risks.
Speaking at a recent event, Dr Sethaput said the move could give Thailand a “grey” image and complicate enforcement, especially when global scrutiny on governance is rising. He stressed the importance of the country presenting itself as “correct” and “clean” by following regulations.
He backed the development of the wellness sector as a better alternative to entertainment complexes. He said wellness offers higher value and carries fewer risks, pointing to elderly care as a key area that could serve global demand.
“Entertainment complexes have numerous facets,” Dr Sethaput stated. He added, “The current challenge isn’t solely about attracting more visitors, as tourists have various options. It’s about how we generate value. In today’s uncertain global climate, it’s increasingly crucial to present ourselves as a nation that is correct, clean, and abides by rules and regulations. The issue of casinos risks increasing this ‘grey’ image, making it a significant risk.”
Focus on long-term reforms, not short-term handouts
Dr Sethaput welcomed the government’s move to review its 10,000 baht digital wallet scheme. He said policy choices should deliver clear results and be cost-effective, especially when financial and fiscal space is limited.
He also pointed to signs of slowing investment due to ongoing global uncertainty and the US-China trade war. He said the full impact of new US tariffs may not be felt until the third or fourth quarter of the year, as businesses wait for clarity.
“The shock we face is like an approaching storm; the ship cannot maintain its previous speed,” Dr Sethaput warned. “The current policy objective, in my view, is not about stimulus to force the ship back to its original speed. Faced with such a shock, a slowdown in growth is inevitable. Therefore, the current task is to manage the situation, to mitigate the shock, to minimise the impact, and for the measures implemented to encourage swifter adaptation. Blanket measures should be avoided, as the impact will vary considerably across different sectors.”
He said Thailand’s economy is recovering slowly and may only begin to show improvement by 2026. He warned that if the country fails to adapt, its growth potential—currently in the high two percent range—could decline further.
Responding to , Dr Sethaput said legalising casinos could raise risks of money laundering and weaken investor trust at a time when the country’s reputation for rule of law is under close watch.
He also urged the government to focus on structural reforms, improve competitiveness, and support sectors that add long-term value to the economy.
Parliamentary delay amid political tensions
The proposed Casino-Entertainment Complex Bill, which is now under increased political scrutiny, is being reviewed by a special Senate committee. Chaired by Senator Veerapun Suvannamai, the committee has begun reviewing the bill and is expected to invite Prime Minister Paetongtarn Shinawatra or other key ministers to explain the rationale behind the proposal at a meeting this week. The committee aims to complete its study within 180 days, with at least two sub-committees set to examine the economic and social impacts of the plan.
Initially scheduled for a first reading in Parliament on 9 April 2025, the bill has now been postponed until the next session beginning 2 July 2025, following opposition from political allies, including the Bhumjaithai Party, and growing public resistance. Critics argue that the bill is being rushed to benefit influential interests, including former Prime Minister Thaksin Shinawatra.
Public protests have intensified, with over 100,000 signatures submitted in March demanding the bill be withdrawn. While Prime Minister Paetongtarn continues to support the plan, stating that only 10% of each complex would be allocated to gambling, she has acknowledged the need for more public and political debate, saying, “Let all issues be thoroughly examined first. Because Thailand has never had casinos before.”
What is the Entertainment Complex Bill?
The Entertainment Complex Bill, approved by the Cabinet in March, aims to establish integrated hubs in Thailand combining hotels, concert venues, water parks, and casinos. The proposal includes issuing casino licenses for 30 years, extendable by 10 years, and requires each complex to attract a minimum investment of 100 billion baht (€2.65 billion). Thai citizens would face a 5,000 baht (€130) entry fee, along with an initial asset requirement of 50 million baht (€1.3 million), although this might be revised.
The bill seeks to reduce Thailand’s dependence on seasonal tourism, with a projected increase in foreign tourist arrivals by 5-10% annually.
The country has also confirmed that the first entertainment complexes are planned for Bangkok, Chon Buri, Chiang Mai, and Phuket, aiming to attract investment and create jobs. Despite some public support, concerns over gambling regulation and the bill’s social impact continue to generate debate.
