GGRAsia – Cambodia govt 2016 casino take up 40 pct: report

Cambodia govt 2016 casino take up 40 pct: report

Mar 14, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Cambodia’s government collected US$48 million in levies from the country’s casino industry in 2016, a year-on-year increase of 40 percent, reported the Khmer Times newspaper, quoting a senior official.

It cited Ros Phearun, of the country’s Ministry of Economy and Finance, as saying an agreement with NagaCorp Ltd – operator of the NagaWorld casino resort in the capital Phnom Penh – had resulted in additional payments to the government on that firm’s non-gaming activities. This had been a major factor in the overall increase in government take from the casino sector, added the official.

The newspaper said NagaCorp last year also increased its monthly gaming levy payments to the Ministry of Economy.

The report also said – quoting Mr Phearun – that what he termed “online gaming” was permitted at NagaWorld and that revenue for that activity had increased.

In February, Hong Kong-listed NagaCorp posted 2016 net profit up by 7 percent from the previous year.

The news outlet said that as of December 31, a total of 77 casino licences were held in Cambodia, with 65 the subject of ongoing operations – many involving casinos near Cambodia’s borders with Thailand and Vietnam.

The finance ministry has for several years said the country plans to enact a gaming law, with a view to attracting further international investment to its casino market.