The rise of Cambodia as a gaming hub
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Re: The rise of Cambodia as a gaming hub
Worth a look
Includes interviews with people in the know, rather than the usual tuk tuk drivers and security guards....
Includes interviews with people in the know, rather than the usual tuk tuk drivers and security guards....
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Re: The rise of Cambodia as a gaming hub
The source magazine here is called Inside Asian Gaming.http://asgam.com/index.php/2018/10/04/cambodia-rising/
Take it up with them if you don't approve.
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Re: The rise of Cambodia as a gaming hub
What is this newspeak, "gaming", they mean "gambling".
Gaming is for teen computer nerds.
Gaming is for teen computer nerds.
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Per ardua, ad stercus
Per ardua, ad stercus
Re: The rise of Cambodia as a gaming hub
Gambling is the ultimate stride between socialism and capitalism.
Do you allow a man the freedom of his own finances to do as he pleases, knowing full well that he's ultimately being exploited in the process, or do you step in and try to bring some control, in the belief that it's in the best interests of the man?
My dad used this as an example to explain the difference between capitalism and socialism when I was young and I still remember it to this day.
I still don't know the answer.
Do you allow a man the freedom of his own finances to do as he pleases, knowing full well that he's ultimately being exploited in the process, or do you step in and try to bring some control, in the belief that it's in the best interests of the man?
My dad used this as an example to explain the difference between capitalism and socialism when I was young and I still remember it to this day.
I still don't know the answer.
The difference between animals and humans is that animals would never allow the dumb ones to lead the pack.
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Re: The rise of Cambodia as a gaming hub
Casino mogul's Cambodia cash hedges investors' bet
May 06, 2019, 09:43:00 PM EDT By Reuters
By Katrina Hamlin
(The author is a Reuters Breakingviews columnist.)
HONG KONG, May 7 (Reuters Breakingviews) - NagaCorp's founder is giving investors a $1.8 billion confidence boost. Chen Lip Keong, also the company's chief executive, has pledged to cover more than half of the cost of building Asia's largest gambling resort, in the Cambodian capital Phnom Penh. The group faces more competition, and both Cambodia and the gambling industry depend heavily on China. But investors can find reassurance in the personal punt.
There are plenty of risks. For one, China has dominated investment into Cambodia, bringing expatriate workers and tourists. Links with Beijing have been strong under Cambodian Prime Minister HE, and the two sides announced a handful of deals including military aid late last month. But any economic wobbles across the border could be a headache, for visitors and for Naga. HE's dismal human rights record, moreover, hardly guarantees stability.
There are also more rivals for gamblers' cash. Local contenders are ambitious. Meanwhile, experienced operators like Las Vegas Sands and Genting are flourishing outside Macau - in Singapore, Philippines and Vietnam - drawing big spenders.
Chen still has a good hand. For one, he was first in a prime spot. The Malaysia-born boss has navigated an era of extraordinary change in Cambodia, and NagaCorp has grown steadily over two decades. He has some support from the government, visible in a concession that runs until 2065, and a monopoly in the Phnom Penh area until 2035. Chen hedges his China bet by cultivating a Southeast Asian clientele too.
Naga, with negligible debt, could arguably have raised capital on the market. But its risky profile does mean high costs. Chen, who already holds a 66 percent stake, converts his contribution into shares at the end of the six-year construction period at a not unreasonable HK$12 a piece, roughly a fifth above the current price. Importantly, he takes on the risk of delay and collapse too. It's a hefty show of support.
https://www.nasdaq.com/article/casino-m ... 0506-01350
May 06, 2019, 09:43:00 PM EDT By Reuters
By Katrina Hamlin
(The author is a Reuters Breakingviews columnist.)
HONG KONG, May 7 (Reuters Breakingviews) - NagaCorp's founder is giving investors a $1.8 billion confidence boost. Chen Lip Keong, also the company's chief executive, has pledged to cover more than half of the cost of building Asia's largest gambling resort, in the Cambodian capital Phnom Penh. The group faces more competition, and both Cambodia and the gambling industry depend heavily on China. But investors can find reassurance in the personal punt.
There are plenty of risks. For one, China has dominated investment into Cambodia, bringing expatriate workers and tourists. Links with Beijing have been strong under Cambodian Prime Minister HE, and the two sides announced a handful of deals including military aid late last month. But any economic wobbles across the border could be a headache, for visitors and for Naga. HE's dismal human rights record, moreover, hardly guarantees stability.
There are also more rivals for gamblers' cash. Local contenders are ambitious. Meanwhile, experienced operators like Las Vegas Sands and Genting are flourishing outside Macau - in Singapore, Philippines and Vietnam - drawing big spenders.
Chen still has a good hand. For one, he was first in a prime spot. The Malaysia-born boss has navigated an era of extraordinary change in Cambodia, and NagaCorp has grown steadily over two decades. He has some support from the government, visible in a concession that runs until 2065, and a monopoly in the Phnom Penh area until 2035. Chen hedges his China bet by cultivating a Southeast Asian clientele too.
Naga, with negligible debt, could arguably have raised capital on the market. But its risky profile does mean high costs. Chen, who already holds a 66 percent stake, converts his contribution into shares at the end of the six-year construction period at a not unreasonable HK$12 a piece, roughly a fifth above the current price. Importantly, he takes on the risk of delay and collapse too. It's a hefty show of support.
https://www.nasdaq.com/article/casino-m ... 0506-01350
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- Expatriate
- Posts: 62459
- Joined: Sun Oct 12, 2014 5:13 am
- Reputation: 4034
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Re: The rise of Cambodia as a gaming hub
There are many casino threads across the forum, so I've moved this latest one here because there is previous information on Nagacorp/Nagaworld.
There are several other threads on Cambodian casinos to check out here in the business section, including this one on the Australian company Donaco. Both companies get a mention in the article below.
business-and-finance/aussie-casino-comp ... 25885.html
Show Me the Money.
Post by Kung-fu Hillbilly » Sun Jul 28, 2019 9:26 pm
Robin Spiess
June 4 2019
The guard jolts out of his plastic chair when he sees someone out of place – a westerner – preparing to walk past him onto the casino floor. He calls out over his shoulder in Mandarin, wary eyes following the newcomer as he trails close behind.
"After a tense few minutes, the young guard escorts the newcomer back to the front door. He makes it clear that there is no place for the western visitor to play on the casino floor – strangely vacant though it may be. "
"The makeshift casino is not listed on Google Maps; it is meant to be found only by those who know where to look, down a dark road in the heart of Sihanoukville on the Cambodian coast. A cursory Google search reveals that the casino has developed quite a reputation despite its lack of official listing: “You don’t want to mess up here”, one writer warns.."
"In 2018, a total of $46 million was paid in taxes to the MEF – $12.4 million of which was paid by publicly listed casinos NagaWorld and Donaco, which together raked in just under $1.5 billion in gross gaming revenue (GGR) over the course of the year. The rest of Cambodia’s casinos chipped in to pay the remaining $33.6 million to the MEF, each paying on average just about $260,000 in taxes. "
"“One of the reasons the government has delayed passing the law is that some casinos are affiliated with government officials’ personal businesses,” said Chhay in a recent interview. “Among them, there is NagaWorld.”
"NagaCorp exists in its own legal sphere: with a 41-year monopoly on casino operations within 200 kilometres of the Phnom Penh city centre, the corporation will remain the sole casino operator in the capital until 2035, and has signed a 70-year license to continue operations in the city through 2065. In addition, NagaCorp has negotiated a tax structure for its casinos that – surprisingly – is in no way based on overall revenue generated, though the exact terms of the agreement have never been made clear. "
"In Sihanoukville, only a few dozen players actually sit at the baccarat and blackjack tables that stretch across the cavernous room of the God of Wealth casino. As live hands are dealt, however, the dealers’ eyes dart between the players before them and the computer monitors set up to the right of each gaming station, where more bets are being placed.Virtual gamers watch from cameras, playing as ghosts at each table, their presence made known only by the screens that show a running record of their wins and losses. "
Full extensive article https://southeastasiaglobe.com/show-me-the-money/
There are several other threads on Cambodian casinos to check out here in the business section, including this one on the Australian company Donaco. Both companies get a mention in the article below.
business-and-finance/aussie-casino-comp ... 25885.html
Show Me the Money.
Post by Kung-fu Hillbilly » Sun Jul 28, 2019 9:26 pm
Robin Spiess
June 4 2019
The guard jolts out of his plastic chair when he sees someone out of place – a westerner – preparing to walk past him onto the casino floor. He calls out over his shoulder in Mandarin, wary eyes following the newcomer as he trails close behind.
"After a tense few minutes, the young guard escorts the newcomer back to the front door. He makes it clear that there is no place for the western visitor to play on the casino floor – strangely vacant though it may be. "
"The makeshift casino is not listed on Google Maps; it is meant to be found only by those who know where to look, down a dark road in the heart of Sihanoukville on the Cambodian coast. A cursory Google search reveals that the casino has developed quite a reputation despite its lack of official listing: “You don’t want to mess up here”, one writer warns.."
"In 2018, a total of $46 million was paid in taxes to the MEF – $12.4 million of which was paid by publicly listed casinos NagaWorld and Donaco, which together raked in just under $1.5 billion in gross gaming revenue (GGR) over the course of the year. The rest of Cambodia’s casinos chipped in to pay the remaining $33.6 million to the MEF, each paying on average just about $260,000 in taxes. "
"“One of the reasons the government has delayed passing the law is that some casinos are affiliated with government officials’ personal businesses,” said Chhay in a recent interview. “Among them, there is NagaWorld.”
"NagaCorp exists in its own legal sphere: with a 41-year monopoly on casino operations within 200 kilometres of the Phnom Penh city centre, the corporation will remain the sole casino operator in the capital until 2035, and has signed a 70-year license to continue operations in the city through 2065. In addition, NagaCorp has negotiated a tax structure for its casinos that – surprisingly – is in no way based on overall revenue generated, though the exact terms of the agreement have never been made clear. "
"In Sihanoukville, only a few dozen players actually sit at the baccarat and blackjack tables that stretch across the cavernous room of the God of Wealth casino. As live hands are dealt, however, the dealers’ eyes dart between the players before them and the computer monitors set up to the right of each gaming station, where more bets are being placed.Virtual gamers watch from cameras, playing as ghosts at each table, their presence made known only by the screens that show a running record of their wins and losses. "
Full extensive article https://southeastasiaglobe.com/show-me-the-money/
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline
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