I don't think their policy is derived from the thought that foreigners and 49-and-olders have more money and therefore should pay more to get in. Their thinking is that they want to discourage foreigners and older men from coming.
Why not just put a sign on the door (like they do in Japan) "Under 49 year-old Thai nationals only".
I've started a topic about this in Thai on the TG massage website, just to see what Thais other than LostNoomThai and Thai Guy think about this policy. I certainly know how they would feel if they went to LA and found a sauna with a policy saying "Americans $25; foreigners $100".
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