Prominent politician Sonthaya Khunploem plans to invest 1.2 billion baht to build a world-class motor racing circuit and support facilities near Pattaya.
The project is expected to finish in 2017 and help make the Pattaya area a motorsport hub while drawing more tourists to the resort city.
The former tourism and sports minister will decide in the coming months on a suitable project location between Si Racha district and Khao Mai Kaew in Bang Lamung district of Chon Buri province.
"I am interested in building this track because it will be a major venue to draw more important motorsport events to Pattaya. The more events, the more income will be generated for the local community," Mr Sonthaya said.
Under his plan, the project will have a 4.5-kilometre racing track, 60-room hotel, motor racing academy and go-kart tracks.
The circuit will have the Federation Internationale de I'Automobile Grade 2 standard, meaning it can host major motorsport events excluding Formula One.
With his 35 years of motor racing experience, Mr Sonthaya is confident that motorsport will be a good magnet to boost Pattaya's tourism business. The resort also has the internationally certified Bira Circuit.
Pattaya also has high-quality hotels and restaurants to serve motorsport fans with high spending power.
There is strong evidence that motorsport can drive the local economy. The Bang Saen Speed Festival 2014 drew 400,000 spectators and generated 1.4 billion baht revenue for the Bang Saen late last year, according to Racing Spirit Co, the event organiser owned by Mr Sonthaya.
The event offered the best of drivers, teams and racing cars including Formula BMW Asia and Formula Renault.
Preeda Tantermsapya, vice-president of Racing Spirit, said Bang Saen had become widely recognised among foreign motorsport fans after hosting the festival for eight years.
"Many of them want to visit Thailand and join the Bang Saen street circuit. After that, they enjoy travelling to many places. In the future, Bang Saen can compete with Macau's street circuit," he said.
Racing Spirit also organises major events such as the Thailand Super Series. Races 3-4 of the 2015 series will be held at the Chang International Circuit in Buri Ram this Friday to Sunday. The highlight will be the Porsche Carrera Cup Asia 2015 featuring 28 Porsche supercars.
Races 5-6 will be at Bira Circuit, while Races 7-8 will be in Bang Saen.