“8% of tax revenue is generated by Cambodia’s Casinos.”

“8% of tax revenue is generated by Cambodia’s Casinos.”

Over the six months ending on June 30, 2022, the Commercial Gambling Committee of Cambodia has provided a look into the operational results of the country’s casinos. The casino’s cumulative output came to just 8% of the amount required by law, as the casino’s cumulative output fell utterly short of hoped-for results. Most properties across Cambodia have been impacted by the casino closings.

Only 10% of the country’s casinos were operational as of June 30, according to the report. Out of 200 properties, only 20 were available. The properties that have sought to reapply for a license have faced red tape, and only 13 licenses out of 129 applicants have been approved. A statement was issued by the Financial Industry Ministry of Cambodia.

Due to the fact that casinos need to renew their licenses every year, there is an extensive back up of applications and understaffed government agencies have to wade through the pile of paper at a snail’s pace. The Law on the Management of Integrated Resorts and Commercial Gambling was enacted in November of 2020.

The original design was to make sure that there was more accountability and transparency in the sector, but not much has come about. According to the law, the casinos should pay $42.7 million in tax revenue annually, but this has not been the case. There is a mixture of the Pandemic, missing tourists, and distrust of the country’s laws.

Summary:

The Commercial Gambling Committee of Cambodia (CGCC) has said that only 10% of the country’s casinos were operational as of June 30. This means that out of 200 properties, only 20 were available. The report also said that only 10% of the country’s casinos were operational as of June 30. This means that out of 200 properties, only 20 were available.