The parliament of Mongolia is expected to vote on legislation to legalise casinos in the country. Though the frigid temperature of Mongolia is likely to prevent gambling aficionados from coming to the mountain state, the government is taking determined steps to offer international level casino facilities to locals and tourist gamblers.
With a struggling economy the Mongolian government is trying out all available means within its power to improve revenues. Gambling was declared a viable alternative as China is setting up barriers to stop its citizens from frequenting Macau for gambling which can open up opportunities for Mongolia.
Regulations and progress of Mongolian casinos
The Cabinet Secretariat of Mongolia met recently for approval of preliminary draft, which was presented for development of two multi-billion casinos though the final bill will have to be cleared by parliament after conclusion of Lunar New Year celebration. Though a vast majority of Asian nations allow their people to gamble in local casinos, Mongolia will not allow its own residents to wager at local casinos. Once the casinos in Mongolia start earning revenues, international casino brands are likely to make a foray into local markets. The economic condition of Mongolia is in a weak state due to its agriculture based economy and reluctance to have trade with China which damaged its economy during recent financial crisis.
Competition from other Asian casinos
These casinos of Mongolia which are being set up to encourage wealthy players from across Asia are likely to face strict competition from other casinos located in the area. According to a recent study about gambling habits, people from Russia, Japan and China are the biggest gamblers in the world and citizens of all three nations do not require visas to visit Mongolia. Casinos of other Asian nations like Indonesia, Philippines, Thailand and Cambodia are also vying for a piece of Macau’s clientele and it remains to be seen which one will be preferred by the high rollers.