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Blotter: Cambodia: new Asian gaming destination?

In light of the increase in casino revenues in the Chinese territory of Macau and the recent opening of the first casino in Singapore, a new player in Southeast Asia is looking to get dealt into the game. A billionaire from the small Asian nation of Cambodia is planning to open a new casino resort near the Vietnam border to attract new visitors for its growing tourism industry.

The US$100 million Titan King Casino is scheduled to open at the end of February in the town of Bavet, seventy-five miles from the capital city of Phnom Penh. The casino and resort areas will cover more than six acres and offer local residents more than six thousand new jobs. The location also offers the chance for players to visit from nearby countries that have strict anti-gambling laws, such as Thailand and communist Vietnam.

Cambodian entrepreneur Kith Thieng, the man behind the Titan King Casino, expressed his hopes that the new gaming destination will relieve some of the financial stresses felt in the region since the economic downturn began in 2008. Mr. Thieng made much of his fortune in hotels and fast food restaurants, and he plans to use much of his expertise to guide his vision for Titan King.

Mr. Thieng also compared Bavet to Macau and Las Vegas as a gambling destination, especially for visitors from across the border in Thailand. He noted that the casino industry in the area has suffered from recent tensions between the two nations, but that he expects the business to grow by up to thirty percent once the worldwide economic recovery starts, with many of the casino's new customers visiting from other Asian nations on vacation.

In recent years, Cambodia has attempted to move toward an economy based on regional tourism rather than agriculture. The Titan King opening will bring the total number of casinos in the country to thirty. Mr. Thieng plans to have Titan King listed on the country's stock exchange by the end of the year.

18-Feb-2010, 06:35

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