In Cambodia and draft legislation that would establish the basic capital requirements for any firm hoping to open a casino was reportedly yesterday overwhelmingly approved by the Asian country’s National Assembly.
According to a report from Inside Asian Gaming citing an earlier story from The Khmer Times, the proposal was approved by a vote of 114 to three and is now due to be put to a similar ballot before the 62-seat Senate of Cambodia. The source detailed that the twelve-chapter measure, which must also be sanctioned by King Norodom Sihamoni, would lay out the minimum investment requirements for anyone looking to bring a casino to the nation of some 15 million people while also codifying a set of associated tax rates.
Aun Pornmoniroth serves as the Minister of Economy and Finance for Cambodia and reportedly explained that the legislation moreover looks to establish clearly defined gambling-friendly zones alongside a range of enhanced controls to help further stifle money laundering and the financing of terrorism. The politician purportedly detailed that proposition will additionally allow his country to build greater capacity so as to become competitive on a global scale and utilize technology in order to improve the monitoring of casinos.
Reportedly read a statement from Pornmoniroth…
“Regulations on the commercial gambling sector are designed to enable the sector to operate under the umbrella of transparent law. Under the effort of the government and investor’s trust toward the government, some national and international investors started casino investments along the Cambodian-Thai border in the Poipet area in 1999. In the face of this increasing investment, the government has pushed for the management of the gambling sector.”
Cambodia is reportedly already home to 193 casinos of varying sizes including Phnom Penh’s giant NagaWorld development from NagaCorp Limited with GGRAsia using a report of its own to explain that all these venues have up to this point been authorized on an ad-hoc basis via licenses featuring varying conditions.
Pornmoniroth’s statement reportedly read…
“This law is aimed at further strengthening the management of commercial gaming facilities in Cambodia so as to contribute to boost economic growth, promote tourism, increase tax revenues and maintain social safety and security.”