Cambodia'sburgeoning economy brought casino operator NagaCorp 25.5 million
dollars in profit in the first half of the year, a company report obtained by
media revealed Wednesday. The profit signalled a rise of 26.9 per cent on a
year earlier.
"Our operations continued to benefit from the political stability and economic
development of Cambodia," the NagaCorp report said. After decades of turmoil,
Cambodia has emerged as a rising economy in Southeast Asia - posting an average
of 11 per cent growth over the past three years on the back of strong tourism
and garment sectors.
Nagacorp reported its revenuesoared 68.5 per cent from the same period last
year to approximately 109.1 million dollars, in a country hosting several
casinos popular with gamblers across the region.
The Malaysian-owned company runs the largest casino in Cambodia's capital Phnom
Penh. The government awarded it a gambling license in 1994 to promote
international tourism.
More than a dozen casinos operated by other companies dot Cambodia's borders
with Vietnam and Thailand, raking in an estimated tens, if not hundreds of
millions of dollars each year.
The industry fuels the economies of several hard-scrabble Cambodian cities,
though the country remains desperately poor with more than 30 per cent of its
14 million population living in poverty.
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