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Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Thailand | Publication | May 2024
For decades, Thailand has upheld its prohibition on casino business within its borders. However, in April 2024, a significant shift occurred in the country's stance when the Cabinet of Thailand acknowledged the report on the study of opening entertainment complexes (Report). The Report emphasized the necessity of specific legislation governing the operation of entertainment complex businesses, including casino businesses, in Thailand. It also included the draft Entertainment Complex Bill (Entertainment Complex Bill).
The Entertainment Complex Bill aims to establish provisions for operating an entertainment complex businesses in Thailand as further described below.
Entertainment Complex: It is defined as a venue that operates multiple types of entertainment businesses, such as restaurants and bars, five-star hotels, and sports entertainment, along with a casino business. The proportions of each type of business within an entertainment complex are not yet established. However, the Deputy Finance Minister publicly stated that the casino area may be limited to only 5 per cent. of the total space.
Licensing Requirements: Business operators are required to meet the following criteria to obtain a license to operate an entertainment complex business: (i) they must be incorporated in Thailand, and (ii) they must have a minimum registered capital of THB 10,000 million (equivalent to approximately USD 276,400,000 as of the date of publication). Additionally, the process to select a licensee shall be conducted through a bidding process.
Minimum investment requirements: The report stated that licenses for operating an entertainment complex business may be categorized into sizes of small, medium, large and extra large. However, initially, only licenses in the size of extra large are expected to be available, with a minimum investment value of THB 100,000 million (equivalent to approximately USD 2,764,000,000 as of the date of publication).
Casino Entry Requirements: The Entertainment Complex Bill prohibits certain vulnerable groups from entering the casino, such as persons under the age of 20 or those prohibited by a court order. Additionally, Thai nationals are required to register and pay a casino entry levy.
Taxation: The Entertainment Complex Bill does not specify a tax rate for entertainment complex business operators. However, according to the Report, it is proposed that a casino tax should be established at a rate of 17% on the revenue gained from players after deducting the winnings paid out to them (gross gaming revenue). In addition, other excise taxes might be implemented for other entertainment businesses, such as a golf course tax, a card games tax, and a nightclub tax.
The promulgation timeline of the Entertainment Complex Bill is uncertain as the bill is still in its initial stage. As a next course of action, the Ministry of Finance will jointly consider the Report with other ministries to study the need for this new legislation, determine the appropriate locations for entertainment complexes, and assess both positive and negative impacts for the country.
We would like to thank our trainee, Patcharapol Sudsakorn at NRF Bangkok office, for his contribution to this post.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
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The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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