Casino Tax Revenue Drops 50% in 2020 Due to COVID-19 pandemic

• 24 March 2021
• Local News
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Casino tax revenue collection in 2020 was recorded at US$40 million, down by 50% compared to the same period in 2019, according to a senior official from the Ministry of Economy and Finance (MEF).

Deputy Director-General of the Industry Department of the MEF Ros Phirun said on 24 March that the decline in the casino tax revenue in 2020 was due to the outbreak of the COVID-19 pandemic.

Mr Phirun added that the number of licenses in the casino sector was about 195 in 2019. Meanwhile, only 100 casinos have applied for license renewals as of today.

“For 2021, I don’t expect any new licenses to be requested. Frankly speaking, even for the existing license holders, not all of them request for renewals since they cannot operate during the COVID-19 period,” said Mr Phirun.

One of the largest casinos in Cambodia NagaCorp, for instance, did face a significant profit drop. The firm revealed that it posted a net profit of US$102.3 million in 2020, an 80% drop compared to the amount earned in 2019, mainly due to the April-July closure in response to the COVID-19 pandemic. (Read more)

In April 2020, the Cambodian government suspended casino operations nationwide to prevent the spread of the COVID-19 pandemic. Though the government lifted the ban in July last year, not all of them reopened their doors.

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