Cambodia Ministry of Economy and Finance deputy director Ros Phirun has revealed to the local media that tax revenues collected from Cambodia’s casino industry fell 53 per cent in 2020.
Tax revenues had been about US$85m for the full year 2019, but this number plummeted to only US$40m in 2020.
“As we’re all too well aware, the Covid-19 epidemic began in late 2019 and persists to this day. It’s pulverised all economic sectors and the casino industry has sustained a crippling blow as well.
“Practically all of our casinos ceased operation in 2020, with only just seven or eight left scrambling to keep their businesses afloat. That’s why our revenue collection has dropped so much,” he said, according to the Phnom Penh Post.
All of the kingdom’s casinos had been ordered to suspend operations between April and August last year as a measure to combat the spread of the coronavirus.
Prime Minister Hun Sen’s August 2019 decision to ban online gambling by the end of that year is also cited as a contributing factor to the sharp decline in tax revenues.
Source: Asia Gaming Brief