Greenpro Capital and partners plan controversial entertainment complex in Thailand
- Greenpro Capital Corp. has announced the formation of a tripartite consortium with RTC and CTG for a mega entertainment complex.
- The complex will feature multiple attractions and green spaces, aiming to improve local living conditions.
- The development is subject to legislative approval and expected to significantly boost tourism and the local economy.
On December 5, 2024, amidst the landscape of entertainment and tourism development in Thailand, Greenpro Capital Corp. (NASDAQ: GRNQ) announced the formation of a tripartite consortium. This group includes the Royal Turf Club of Thailand under Royal Patronage and Capital Trust Group Limited, aiming to spearhead the establishment of a substantial entertainment complex in Thailand. Projected to cost approximately US$6 billion (or around 200 billion Thai Baht), the complex will be situated in or around Bangkok and feature an array of attractions, including a horse-racing track, luxury hotels, golf courses, restaurants, theaters, a sports complex, concert halls, a cultural center, and retail spaces. This undertaking is not only a business venture but also aims to enhance both tourism and local economic growth while maintaining environmental sustainability. Initial proposals suggest multiple potential locations for the project, prominently featuring areas like Khlong Toei, Lat Krabang, and Nong Chok in the greater Bangkok area. The project seeks to incorporate green spaces and environmental technology, including a large air purifier to ensure improved living conditions for nearby residents. These measures underline the commitment of the consortium members to prioritize ecological considerations alongside commercial development, responding to growing public interest in sustainable urban development initiatives. Statements from key stakeholders emphasize confidence in the project’s potential impacts. Col. Phantat Sangchot, the RTC Association Secretary, highlighted that the entertainment complex will positively contribute to the economy, draw in tourists, and enhance the country’s reputation in the horse racing domain. Targeting innovative financing methods, Capital Trust Group revealed intentions to issue a US$6 billion digital bond aimed at web-3 investors, reflecting the evolving landscape of investment opportunities driven by cryptocurrencies. This bond is intended to leverage the increasing interest and legitimacy of digital assets among institutional and governmental entities. The CEO of Greenpro Capital, Dr. CK Lee, expressed enthusiasm about their company’s role as a Strategic Purpose Investment Company (SPIC) on this large-scale national venture, emphasizing the invitation for global strategic investors to contribute. However, the development of the complex remains contingent upon the passage of the Entertainment Complex Bill, which is currently in deliberation by Thai lawmakers.