Oct 06, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck
The National Assembly of Cambodia approved on Monday a draft law on the management of commercial gambling, designed to regulate operations at casinos and other gaming facilities in the country. The bill had been approved by the country’s Cabinet in early July.
Chinese news agency Xinhua quoted Cambodia’s Economy and Finance Minister, Aun Pornmoniroth, as saying that the draft law set a minimum capital requirement for investment in a casino project, and featured measures to combat money laundering and terrorism financing through the gaming sector.
“The law is aimed at further strengthening the management of commercial gaming facilities in Cambodia so as to contribute to boosting economic growth, promoting tourism, increasing tax revenue as well as maintaining social safety and security,” he reportedly said at the Monday session at the National Assembly.
A statute to regulate the casino industry in Cambodia has long been anticipated. The draft law will now be reviewed by the country’s Senate.
Casino licences and the terms of such licences are currently issued by the authorities on a case-by-case basis.
Cambodia casino operator and developer NagaCorp Ltd said – in commentary in a filing on Monday – that the promulgation of the “much-anticipated” gaming law “shall strengthen the gaming regulatory environment and improve the confidence of promoting investment and tourism in the country.”
Hong Kong-listed NagaCorp runs the NagaWorld casino complex in Cambodia’s capital, Phnom Penh. It has an exclusive licence to operate casinos in Phnom Penh and its surroundings.
Xinhua cited an official from Cambodia’s Ministry of Economy and Finance as saying that there was a total of 193 licensed casinos in the nation.
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