The National Bank of Cambodia announced earlier today that the country’s casino industry has annually generated an approximate of $2 billion in gambling revenue.
Commenting on this latest announcement, Chea Serey, Director General of Cambodia’s central bank, said that proceeds from the country’s casino industry account for a greater portion of the overall international travel credits than in any other jurisdiction in the world, except for Macau and Monaco.
Ms. Serey further revealed that casino revenue from foreign gambling customers currently represents around 40% of the total international credits. The National Bank of Cambodia Director General commented on the matter at a special seminar on statistics concerning the provision of certain services, gambling options included, to visitors of the country.
According to information reported by Cambodia’s Ministry of Economy and Finance, there are a total of 59 casinos operating within the borders of the Southeast Asian country. It is also important to note that all but one are located in border areas, which means that they could be easily accessed by residents of neighboring countries.
NagaWorld, the largest hotel and casino venue in Cambodia is the only gambling venue that is not located anywhere near the country’s borders. The luxury property adorns the Cambodian capital – Phnom Penh and is owned and operated by Malaysian gaming company NagaCorp.
It is also important to note that Cambodia is one of the several Asian countries that allow only foreign gambling customers within the premises of their casinos. Officials have repeatedly pointed out that residents are banned from local casinos in an attempt to protect them from gambling-related addictions.
According to the figures released by the Ministry of Economy and Finance, the country’s casino industry generated a total of $25 million in tax revenue back in 2014. What is more, tax revenue from Cambodia’s 59 gambling venues amounted to $22 million for the six months ended June 30, 2015.
Earlier this year, the government of Cambodia announced plans to open three more casinos in a bid to further boost the country’s gambling industry by attracting more foreign visitors. The three new venues were to be located near the country’s borders with Vietnam and Thailand as residents of those particular countries are known to be frequent visitors to Cambodia’s gaming properties.
