Rockin' the Kingdom: A Guide to Thailand's Entertainment Complex Boom
Collaboration between public and private sectors plays a crucial role in the thriving of entertainment complexes.
In the heart of Southeast Asia, Thailand's exciting journey towards building a world-class entertainment complex calls for a blend of public-private collaboration, transparency, and communication with the people, as stressed by the former CEO of Marina Bay Sands in Singapore at the Thai Entertainment Complex Roundtable (TECR) in Bangkok on Thursday.
George Tanasijevich, in his address, highlighted the incredible potential that entertainment complexes can bring to Thailand's economy. He pointed out casinos, amongst other facilities, as significant revenue generators for these projects. Although casinos may not always offer the most lucrative financial returns, they lend an air of excitement and appeal to the overall complex.
To ensure maximum benefits in terms of economic growth, job opportunities, and increased tourism, Tanasijevich emphasized the importance of a harmonious relationship between operators and the government. "This is a critical starting point," he said. "It paves the way for meaningful dialogue where both parties can mutually understand and work towards making informed decisions."
Tanasijevich also underlined the significance of an effective communication plan to help the public understand the intricate details of the entertainment complex, appreciate its advantages, and manage the challenges associated with casino-style gaming activities.
Drawing Inspiration from the Lion City: Singapore's Roadmap to Success
Tanasijevich shared Singapore's operator selection process as a shining example of international best practices. It started with informative meetings, inviting leading operators and investors to learn about the project and explore various sites. The process also involved an online Q&A forum for feedback collection, setting the stage for refined and tailored requests for proposals (RFPs).
Citing research from Yale University, Tanasijevich highlighted that in markets where gambling is already prevalent, the introduction of integrated resorts does not necessarily lead to a significant increase in gambling-related issues. That's because regulated casino industries implement safeguards, social protection measures, and allocate resources towards raising awareness and providing direct assistance to the affected individuals.
One of Singapore's key strategies to prevent excessive gambling among its own citizens was the imposition of an "entry levy" as a deterrent. This strategy brings a unique balance to encouraging tourism while safeguarding its inhabitants.
Paving Thailand's Path: Five Proven Strategies for Success
Tanasijevich offered five indispensable recommendations for Thailand as it embarks on this exciting journey:
- Learn from International Best Practices: Engage with international regulatory bodies to understand the latest trends and adapt them to suit Thailand's unique context.
- Deveop a Competitive Legal Framework: Incorporate global best practices while tailoring laws to the local landscape, ensuring effective operations and adherence to international standards.
- Empowering Leadership and Public Engagement: The government must take a proactive role in educating the public about the project, addressing concerns, and fostering informed understanding.
- Attract Leading Investors and Operators: Invite top-tier stakeholders to ensure the success of the project, providing them with the clarity and certainty they need to invest.
- Balance Interests: Striving for balance among government, public, and commercial interests is essential to attract the best companies, while maintaining a positive impact on Thailand's economy and society.
"I hope Thai authorities will collaborate with regional stakeholders to make informed decisions," Tanasijevich concluded, expressing his faith in Thailand's bright future. "I'm confident that with the right decisions, you'll create a thriving entertainment complex that will significantly boost Thailand's tourism industry."
For a more vibrant, dynamic, and prosperous Thailand, it's time to embrace the excitement of casino-led entertainment complexes!
- The potential benefits of entertainment complexes for Thailand's economy, as emphasized by George Tanasijevich, include economic growth, job opportunities, and increased tourism.
- Tanasijevich recommended that Thailand develop a harmonious relationship between operators and the government, as this would pave the way for meaningful dialogue and informed decisions.
- Tanasijevich suggested that Thailand learn from international best practices, such as Singapore's operator selection process.
- Tanasijevich highlighted the need for Thailand to empower its leadership and engage in public communication to educate the public about the project and address concerns.
- To attract top-tier investors and operators, Thailand should provide clarity and certainty for stakeholders who are considering investing in the entertainment complex.
- Tanasijevich encouraged Thailand to strive for balance among government, public, and commercial interests to ensure the success of the entertainment complex while maintaining a positive impact on Thailand's economy and society.
