Cambodia government discussed casino bill
Key members of the casino industry and government officials met to discuss the newly proposed casino bill.
Cambodia.- More than 100 representatives of the private sector affiliated to the casino industry and government officials were present at the meeting where they discussed the proposed casino bill. The government wants to impose a new tax law on the casino industry and has been trying for several years to make official changes.
The Cambodia government has been encouraging the casino industry to grow in the country. In the first nine months of 2016, the 69 licensed casinos showed an increase in revenues, a 35 percent increase compared to the same period last year, with an additional US$34 million in gambling taxes.
The proposal is looking for a new regulatory body that will oversee the industry in Cambodia. The bill also seeks to increase the percentage of gaming taxes that casinos have to pay. Cambodia’s law currently determines that only foreigners can gamble at the casinos, and they want to boost the economy by lifting the ban and allowing locals to gamble.
Analyst at Union Gaming Securities Asia Ltd, Gran Govertsen, said: We are excited about the implementation of the bill as it will introduce a proper regulatory framework to Cambodian gaming. This should enhance valuation as regulated businesses are typically more valuable. It also paves the way for greater commercial and financial support from institutions that have historically shied away from Cambodia due to a lack of regulations. While no tax rate was unveiled, we continue to believe it will remain very modest.”
