Nagacorp, the operator of the only casino in the Cambodian capital, said it's seeking to cut its monthly run-rate costs by about $2 million through job cuts and other programs as it seeks to mitigate the impact of the pandemic.
Cambodia's Sihanoukville, home to multiple casinos, remains in the country's Covid yellow zone due to new cases with all large gatherings and gambling strictly prohibited.
Although foreign investor interest is strong in Vietnam, the market is complicated, with government regulations mandating a minimum $2 billion investment, a figure seen as too high for a resort that will be wholly reliant on foreigners.
Nagacorp, Cambodia’s largest casino operator, has faced a rocky quarter, with another shutdown, labour issues and a blow to its expansion plans. The group came under fire from labour unions over plans to cut jobs despite reporting a robust recovery after the first phase of the pandemic.
Phnom Penh City Hall has imposed new restrictions as covid-19 cases in the capital city continue to surge. NagaWorld, the city’s only integrated resort operator has already been closed as of March 1.
Cambodian authorities said 56 employees of the Sok Kim Meng casino have been infected with Covid and the property is now closed.
Police in Bangkok have busted an illegal online gambling operation that netted around US$3 million per month.