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Yes, they do. Most private Chinese Thai biz just close for 1-2 day for praying/offering. Some don't even close. This year, there will be a big celebration for CNY 2012 in Pattaya but that is more commercial/tourist than tradition. Will try to take some pics during the event.
Still need to prepare some Ang Pow. Usually, "Xin Ni Ju Yi" 新年如意 in Teochew language. Usually, I prepare THB 100-200 per Ang Pow for such occasions. The response when giving out Ang Pow is usually "Heng heng" as in Teochew/Hokkien language luck.
So there are many china ppl visiting pattaya? You give the ang pows to family members or outsiders? You know cny even the bloody trash man will ask for ang pow but my mum automatically gives him ang pow. I know some bosses give ang pows to employees.