Cambodia authorities revealed that amendments to the existing gambling-related laws in the country are likely to be imposed by the end of the year. Currently, they prepare a bill that is a subject to approval by the National Assembly and is intended to boost the revenue and take the Cambodian gambling industry to new heights.
The Deputy Director of Finance Industry for the Ministry of Economy and Finance, Ros Phearun, announced that the introduction of the aforementioned bill has been delayed several times but now it is expected to be reviewed and approved by the National Assembly and the Council of Ministers within the next few months.
Mr. Phearun stated that the implementation of the new bill would increase the revenue, which is currently about $25 million.
The deputy director added that along with the establishment of new casinos, local gambling sector is likely to benefit from the crisis in Macau and successfully lure high-roller players.
The revenue of the most popular gambling hub in Asia fell by 39% YOY and the rapid decline is attributed to the anti-corruption campaign of the Chinese President and the imposed visa restrictions.
According to people with knowledge on the matter all Asian countries that are aiming at improving their gambling segments, will more or less take advantage of the pessimistic situation in Macau.
As for Cambodia, the existing gambling operators report decent revenue growth and NagaWorld is a vivid example. According to the latest numbers released, the gross gaming revenue in the first quarter of the year jumped by $36.7 million YOY to reach $113.5 million.
The deputy chairman of the National Assembly, Son Chhay, also supported the soon-to-be-introduced bill but noted that it would be better if gambling authorities issue new license under the new regulations. In other words, gambling operators willing to acquire a license for operating in Cambodia might have to wait until the law comes into force.
He stated that the members of the National Assembly support the bill as it will bring the long-awaited revival of the casino industry. He also added that the determination of the Ministry of Economy and Finance to improve the sector is highly appreciated.
However, according to Mr. Chhay the implementation of the new law should not provide locals with the opportunity to engage in gambling activities. As soon as the Council of Ministers approves the bill, it will be passed to the National Assembly and it should not take more than three months to its members to review and approve it.
