The magnificent temples of Angkor Wat have long fascinated tourists to Cambodia. Now the nation is using the place, besides other fascinating facilities in trying to lure disgruntled Chinese high stakes gamblers who are staying away from regulatory crackdown at Macau.
The CFO of Nagacorp, Cambodia’s largest casino operator stated that local casinos provide a more wholesome experience to gamblers when compared to Macau, which is just shallow with just shopping, gambling and entertainment. His views are echoed by other gamblers from several Asian countries that are making an aggressive sales bid to attract Chinese players that have earned reputation as high spenders that appreciate good things in life and are not unwilling to pay.
Risks and Advantages of attracting Chinese high-rollers
This business idea is fraught with risks as Asia is a culturally sensitive region where keen rivalry for wealthy clients can lead to unhealthy competition. Bankers say that this competition will lead to decline in margins as casinos and junket operators try to outdo each other in trying to attract these players. Despite a clear warning given by the Asian dragon China, casinos across the continent where gambling is legal are trying to woo Chinese players with luxury flights and free stays at their hotels so they can play high stakes casino games and provide revenue. Top names in the gambling industry like Caesars Entertainment Corporation have plans to open a resort in Philippines while Chow Tai Fook Enterprises is planning a project in Vietnam, South Korea and Australia.
Cambodian Casino Industry
NagaCorp is a dominant force in Cambodia’s capital Phnom Penh’s casino industry and has a large 1700 room hotel in the city. They also use aircraft to fly out junket tourists from China and nearby locations. It is viewed with scepticism across the nation due to the ease with it managed to obtain 70 year casino license along with 41 year monopoly for gaming operations within 200 kilometres of the capital city.