he announcement was made by Ros Phearun, the deputy director of finance industry for Cambodia’s Ministry of Economy and Finance. Speaking with the Phnom Penh Post, Phearun indicated that the ministry is in the final stages of completing a draft of the bill. Once it’s finalized, the bill will be sent over to the Council of Ministers before going to the National Assembly, which is expected to approve the bill without much opposition.
Phaeton believes that once the new law is put in place, Cambodia can double its revenue from its current $25 million figure. Increased tax collection will play a huge role in increasing revenue and that Cambodia can take full advantage of the shifting practices of the industry in region to bring in more tourists into the country.
Son Chhay, the deputy chairman of the National Assembly’s banking and finance commission, also said that the new law will be a boon for Cambodia’s casino industry.
“We have been waiting for years to have a law, which complies with international standard to manage the industry,” Chhay told the Phnom Post. “We welcome it and we do appreciate the minister of the Ministry of Economy and Finance for the commitment shown with us during the meeting with the committee in December last year.”