King Norodom Sihamoni has promulgated a long-awaited gambling law that aims to create jobs, boost the economy and bolster tourism as well as establish safeguards against money laundering and corruption.
The law, which will dictate how casinos and gambling operators conduct business, has 12 chapters and 97 articles. It was passed by the National Assembly on October 5 and endorsed by the Senate on October 26.
The law was written to manage commercial gaming centres, like casinos, and all commercial gaming activities in the Kingdom. Article 1 of the law maintains that it will help protect social safety and security as well as boost the economy and generate tax revenue.
Called the Law on the Management of Integrated Resorts and Commercial Gambling (LMCG), the law sets forth the authority and procedures for managing commercial gaming and the rights and duties of individuals and entities that own and operate gaming businesses.