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Cambodia Prepares New Gambling Bill
- April 6, 2015 By Oliver Young -
Authorities in Cambodia have revealed that there will be some amendments imposed to the existing gambling-related laws by the end of 2015. According to the information, authorities have prepared a bill that is widely accepted by the National Assembly and whose objective is to take the country’s gambling industry to new heights. Cambodia wants to boost this particularly important industry for the country and these events are seen as the first measures for doing so.
According to Ros Phearun, the Deputy Director of Finance Industry for the Ministry of Economy and Finance, of Cambodia, the new bill would increase revenue. Currently, gambling industry revenues in the country are around $25 million. He also explained that even though the introduction of the new bill has been delayed several time in the past, it was expected to be approved by the National Assembly and the Council of Ministers in the months that follow.
Phearun also mentioned that besides the establishment of new gambling facilities and casinos, it is expected for the local gaming sector to benefit from the crisis that hit Macau as well. Most probably, main target to Cambodian casinos would be high roller players.
Macau’s Revenue Falls, Cambodia’s Grows
Macau has been the most popular gambling destination in Asia for years. Nevertheless, its revenue fell by 39% YOY after the Chinese President started an anti corruption campaign and imposed visa restrictions. These two key factors scared off gamblers and they made it complicated to get to their favourite gambling hub.
According to people who are familiar with the online gambling industry, all Asian countries that hope to expand and improve their gambling industries will try to take advantage of the unfortunate situation in Macau.
In comparison, Cambodian revenue is steadily growing. Gambling operators located in the country have reported decent growth in their profit; for example, the gross gaming profit in the first four months of 2015 grew for $36.7 million YOY to $113.5 million.
Cambodian National Assembly Supports the New Bill
Son Chhay, the deputy chairman of the National Assembly in Cambodia, expressed his support of the bill that is going to be introduced very soon. He also pointed out that it would be good if gambling authorities decide to issue new gambling licences under the new regulations. This means that those operators that are interested in obtaining Cambodian licence might have to wait until the new law comes into force.
Chhay also said that all members of the Cambodian National Assembly support the bill and hope it will bring revival of the gambling and casino industry in the country. The deputy expressed appreciation to the ministry of Economy and Finance and its determination to improve the sector as well.
Mr. Chhay finished his statement by expressing his opinion that the implementation of the new law should not allow local citizens to gamble or engage in any gambling activities. According to him, reviewing and approving the bill should take no more than three months.