Sihanoukville or Kampong Som is the coastal city of Cambodia, and it is also the capital city of Sihanoukville Province. The ban of online gambling was the most significant move by Cambodia.
The southern coast of Sihanoukville has emerged as a gambling center and many Chinese run casinos continued online gambling operations there. The ban of online gambling operations was introduced first in August 2019 and took effect in late 2019.
After 31st December 2019 midnight, casinos were not allowed to carry on online gambling operations.
Cambodia Prime Minister – Hun Sen took the step to ban online gambling permanently because foreign criminals were using this method to extort money. The Cambodia officials have started inspections to check whether all casinos have stopped their online operations from January 2020.
Any casino that fails to comply with the rule for an online gambling ban will face punishment. The punishment could be the revocation of a casino license or any other legal action.
The decision to ban online gambling has affected a huge number of Chinese people. After the announcement, tens of thousand Chinese people have left Cambodia, especially Sihanoukville. Sihanoukville was a popular place for Chinese tourists for online gambling.
Over the past few years, Sihanoukville is changed completely. Earlier, it used to be a quiet destination. But, after Chinese nationals flocked in Sihanoukville, the number of businesses and investment here started to increase.
Due to the online gambling ban, a massive number of people lose their jobs. After the ban of online gambling, a huge number of Chinese nationals have left Cambodia, especially Sihanoukville. But now we are seeing that Chinese investors are coming back to Sihanoukville and other cities of Cambodia.
On June 15, Preah Sihanouk provincial hall spokesman Kheang Phearum said that over 1,000 Chinese investors had returned to the province between May 23 and June 13, 2020. This data shows the signs of recovery. There could have been more international arrivals in Cambodia, but it probably affected due to the Coronavirus pandemic.
Tourism in Cambodia has been increased by over 700% between the years 2012 and 2017. It accounts for one-third of the 6.2 million visitors in Cambodia.
One of the significant contributions of Chinese investors in Sihanoukville, Cambodia, is the real estate market. Yun Min, who is the governor of Sihanoukville, explained to the Phnom Penh Post that with the increase in visitors, we are seeing the quick development and increased value of the real estate in Sihanoukville.
The real estate or property market is the significant part of any country’s GDP. Talking about Sihanoukville, it wasn’t just an increase in visitors which was increasing the demand for Sihanoukville property. The province has also made a good investment in infrastructure and telecommunications. With the rapid rise in Chinese investment in real estate market, the demand and prices have gone up. Sihanoukville governor estimated it is doubled in the past year, and some property prices have seen an increase of 400%.
After a massive number of Chinese left the country, especially Sihanoukville, the region is now seeing a comeback of Chinese investors. This is the sign of recovery. If you are planning to invest your money in a house, condo, commercial property, or new development Sihanoukville, Dragon Real Estate will be the right choice.