Phnom Penh: Chinese language media outlet “CC Times” released a video report on September 20, claiming that Cambodia will officially implement a new gaming law, stipulating that all casinos must meet minimum capital requirements. It is expected that many of the existing casinos will be closed.
According to the decree issued on August 26, all new and old casino operators must meet the minimum capital requirements. The minimum capital for “integrated leisure and entertainment centers” is US$200 million, while the minimum capital for ordinary casinos is US$100 million.
The Secretary-General of the Cambodian Interdepartmental Commercial Gaming Commission disclosed that the Cambodian government has also decided to give existing casinos a “grace period” to meet the minimum capital requirements. It is reported that the “grace period” will be divided into 5 phases (*over 3 years?); the minimum capital requirement for the first phase is US$12.5 million, the second phase is US$25 million, and the third and fourth phases are US$50 million and US$50 million respectively and finally 75 million U.S. dollars. By the final stage a standard casino must reach a minimum of $100 million U.S..
Since 2016, a large amount of foreign capital has poured into Cambodia, and cities such as Sihanoukville have become a hot spot for crime. Loose regulation was accompanied by corruption, and it was once reduced to a gathering place for online gambling and fraud.
The resulting criminal forms such as transnational telecommunications fraud, illegal money laundering, and gang struggles have been abhorrent. In August 2019, Prime Minister Hun Sen issued a “ban on gambling” against illegal online gambling. TNAOT