It seems like Cambodia can be added to those Asian countries that are currently expanding their gambling segments in order to turn them into a source of stable income in near future.
Speaking of the gambling industry of Cambodia in particular, it is about to undergo significant diversification within a few months. As many as three casinos will open doors for players. They will be located in a close proximity to the southern border with Vietnam.
To be more precise, the three properties will be on the territory of the Takeo province and they will open in the middle of next month.
Two of the properties have already been established and currently, their managers are working on acquiring the necessary licenses and meeting regulators’ requirements. The construction of the third one has not started yet.
For the time being, Cambodia residents are not allowed to participate in gambling activities. That is why Cambodia-based casinos rely on foreign players in order to generate decent incomes.
They are trying to lure players from the neighboring countries and statistics shows that Vietnamese residents play a key role in the gambling industry of Cambodia. They are also prohibited from taking part in gambling activities on the territory of their home country. This is why crossing the border to roll the dice in Cambodia casinos is a convenient alternative.
Players from the other neighboring country – Thailand, are also contributing to the revenues generated by Cambodia casinos.
Certain law amendments are expected to be implemented and according to people with knowledge of the matter, Cambodia officials are preparing a special bill aimed at imposing stricter measures on local casinos. In order to attract more foreign investors, they are planning to make the licensing procedure more transparent.
The tax increase, reported during the previous year was believed to withdraw investors from Cambodia but surprising or not, they are still interested in establishing casinos in the region.
Market analysts attribute the keen interest to the fact that the majority of Asian countries have all chances of becoming the most attractive gambling destinations on a global scale.
Currently, operators in Cambodia are supposed to pay flat tax, the amount of which depends on the number of slot machines and gaming tables they offer. Yet, certain exclusions apply to the different operators.
During 2014, tax revenues amounted to $25 million. In other words, an increase of 15% was noticed YOY.
