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Cambodia to pass legislation for boosting its casino gaming industry

Cambodia to pass legislation for boosting its casino gaming industry

Cambodia is planning to attract foreign investors to give a boost to their casino gaming industry. They are pushing ahead new legislation that would allow foreign investors to invest their money in their casino and gaming industry.

The country that wants to establish itself as a key gaming center in South East Asia, proposed legislation which is expected to pass after general elections this year.

The proposal took three years to get completed and it would oversee an industry that currently fetches the government approximately $50 million in tax revenues. 

Cambodian officials said that they are eyeing to set a tax rate of 4 to 5 percent for casino games.

Cambodia's casino business has grown rapidly since the late 1990s, and currently, it has 65 licensed casinos which is dominated by the Hong Kong-listed Naga World Hotel and Entertainment complex in Phnom Penh.

The executive director of the Sydney-listed Donaco International, Ben Reichel, said that the South East Asian region holds immense potential for growth in gaming and casino sector.

"There's a lot of growing demand in the region. We still lag behind regarding number of tables as compared to the USA, that is why there is a lot of illegal gambling prevalent in the country," Reichel said.

The gambling industry of Cambodia has also gained benefits from countries like Thailand where there is an outright ban on the legal casinos, and it prevents local gamblers from entering casinos.

The Cambodian government has recognized the potential of casino sector and thus are pushing to take the industry forward.