How the New Casino on Cambodian Border Affect the Cambodian Gambling Market?
Virtue Resources Corporation (VRC), a casino developer, announced on Wednesday that it has planned an investment in a new casino resort in Bavet City, Cambodia. The casino developer has allocated a whopping $200 million US dollars to the development project. The proposed site is a 50-hectare land on Vietnam’s Moc Bai border.
The legislation scenario
Earlier this year, Vietnam legalized casino gambling, a legislative move that triggered a downward trend in the Cambodian gambling market. Current legislation restricts Cambodian citizens from gambling at the country’s casinos but allows tourists to gamble there. This always attracted a number of tourists from Vietnam.
But the scenario changed after gambling was legalized by Vietnam in February this year. This move meant that Vietnamese gamblers wouldn’t have to cross the border to Cambodia to gamble. As Vietnamese citizens’ visits to the Cambodian casinos lessened, the Cambodian casino industry experienced a sharp fall in revenues. This was also a strong blow for the successful casino resorts on the Cambodia-Vietnam border.
What does the new resort store for Cambodia?
VRC states that they see great potential for economic growth in the region. The integrated casino resort planned by VRC would help the region to achieve substantial growth in the next 10 years by creating at least 3000 jobs for local people.
Empire World City, the new casino resort is expected to boost the local economy by attracting gamblers from neighboring Vietnam. The grand project will consist of a hotel and resort, a casino, commercial mall, and an online casino hub. Water Shower Arena is another feature expected to be a part of the project.
Virtue Resources Corporation said that they would start construction by the end of 2017 and finish by the first quarter of 2019. The firm signed two memoranda of agreement in Sokha Hotel in Phnom Penh on 13th April. The meeting was followed by a grand ceremony in Bavet City the next day.
VRC signed the first agreement with 3Ti Progetti Asia Ltd., an architect firm, and the second agreement with the landlord of the 50-hectare land. The meeting was attended by 400 participants hailing from Malaysia, China, Hong Kong, Taiwan, and Indonesia.
We can only hope that the new casino resort project proves successful in bucking the downward trend in the Cambodian casino market. It can only be hoped that the local economy in this region gets an upward push despite the legislative scenarios prevailing in both countries.