Cambodian casinos may be at risk
As Vietnam takes steps towards legalising gambling for its own citizens, analysts warn of a threat to the bottom line at Cambodia’s premiere casino, NagaWorld, whose patronage depends largely on gamblers from neighbouring countries. Local Vietnamese news agency Thanh Nien reported on Tuesday that the Vietnamese Communist Party’s Politburo had decided to allow Vietnamese “meeting certain criteria” to gamble in a casino to be built in the northern province of Quang Ninh. The move suggests the government is leaning towards relaxing some, if not all, of its ban on Vietnamese nationals gambling in the country. Analysts were quick to point out that a quality alternative in Vietnam may draw back those crossing the border to venture over to NagaWorld. … At NagaWorld, mass market (non-VIP) gamblers accounted for 75 per cent of its $111.5 million gross profit for the first half of 2013, according to the parent company’s website. More than a third of mass market gamblers are Vietnamese, analysts said. …
Daniel de Carteret and May Kunmakara
http://www.phnompenhpost.com/business/cambodian-casinos-may-be-risk
