Cambodia’s gambling regulator has issued licenses to 87 casinos since the country’s gaming law came into effect in 2021, proving that efforts to place stricter controls on the industry are proving effective, according to representative Khim Oudam.
Mr Khim, Deputy Director of Legal Affairs and Licensing Department for the Cambodian Commercial Gambling Management Commission (CGMC), noted during a panel session at the IAG Academy Summit on Wednesday that this meant the number of casinos operating in Cambodia had been slashed from more than 200 before the new law.
“Previously the amount of casinos in Cambodia was a lot more than this,” he explained. “Under the previous law we could not easily cut the number of casinos that used to invest in Cambodia, but under this new law we have strict conditions around requirements.
“The government has been cutting [licenses] step by step based on their capital because under the new law, casinos must have capital of US$100 million to start with for a normal casino and for an integrated resort it must be US$200 million.
“This means many smaller casinos are being closed because they cannot comply with the new law.”
Cambodia’s long-awaited casino bill, the Law on the Management of Integrated Resorts and Commercial Gambling (LMCG), was passed into law in 2021 and outlined a range of new regulatory controls, including dividing Cambodia into three distinct gaming zones where gaming is either prohibited, permitted or favored.
It also set a new tax on gross gaming revenues of 4% for VIP and 7% for mass. Mr Khim confirmed that casino operators are now required to declare their gross gaming revenues directly with obligations collected every month based on this GGR.