New gambling reforms pulling more investments to Cambodia
Up until recently, Cambodia's gambling market has been overshadowed by its Asian neighbors. However, against the backdrop of positive reforms in the field of gambling, more and more investors have got interested in this jurisdiction.
The radio broadcast network Voice of America has recently reported that Cambodia has been preparing large-scale legislative reforms in order to increase foreign investments to local gambling business. It is expected that a new casino bill will set a lower tax rate ranging from 4% to 5% for land-based gambling establishments.
There are 65 licensed casinos operating in the Kingdom of Cambodia today. However, the market is overtaken by Hong Kong companies such as Naga World Hotel and Entertainment.
Ben Reichel, Executive Director of Australian-listed casino operator Donaco International Ltd., noted that the decision of Cambodia's government to ease the visa requirements for Chinese citizens has contributed to an increase of guests from the country, seeking to avoid the policy of President Xi-Jinping regarding corruption. According to Ben Reichel, the Government of Cambodia wants to make China one of the top sources of tourism.
In addition to China's mainland residents, the Kingdom wants to attract as many players from Indonesia, Malaysia, and Thailand as possible.
According to analyst perspectives, Cambodia will soon overtake the Philippines and become the capital of gambling in South-East Asia. Inside Asia Gaming reports that the Philippines' uncertainty surrounding online gambling makes Cambodia a more attractive destination to invest into.
Rhys Jones, Managing Director at Ha Tien Vegas casino in Cambodia, believes that the government of the Kingdom demonstrates a positive attitude towards gambling business. This position contrasts sharply with recent events in the Philippines when some gambling sites on the Internet were closed by decree of the authorities.
Rhys Jones also said: “People want a bit of certainty. And contrary to reports you might have read, there have been no recorded cases of the Cambodia government shutting anything down. No one that is running a legitimate business in Cambodia and has a legitimate license has had any issues.”
Read also: Malta prepares new gaming bill
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