New details have emerged regarding the oft-delayed update of Cambodia’s Gaming Law.
On Friday, the Khmer Times reported that the Cambodian government had held a meeting of cabinet ministers and over 100 private sector stakeholders to discuss the latest draft of the new Gaming Law, which has been in the works for over two years now.
Government reps declined to specify the new draft’s tax implications but the report said expectations were for a rate of between 4% and 5% of gambling revenue. That is higher than the effective rate of 2% currently paid by NagaCorp’s NagaWorld casino in Cambodia’s capital Phnom Penh. However, that range is lower than the 5% to 7% that NagaCorp chairman Timothy McNally was predicting last month.
The government’s share of the revenue generated by Cambodia’s 69 casinos has long been a source of angst for opposition politicians, who claim casino operators are getting off lightly. But figures released this week by the Ministry of Finance showed casino tax revenue of $37.4m through the first nine months of 2016, compared to $34.7m through all 12 months of 2015.