Mongolian Parliament Considers Legalization of Gambling Activities

Mere hours ago, the Parliament of Mongolia announced that there is a possibility for a gambling legislation bill to be proposed in the next few days. The aim of the Mongolian authorities is to make the country an attractive gambling hub.
According to the initial plan, the idea of the Mongolian officials is to attract players who currently visit the casinos based in the neighboring countries and therefore, boost country’s economy which is getting more and more problematic.
For the time being, Mongolia relies predominantly on the mining industry but in order to get its economy stabilized, authorities definitely need to adopt an effective approach and apparently, they have decided that the development of the gambling industry will lead to a successful result.
Last Thursday, the Mongolian Cabinet Secretariat gave the nod to a draft bill. If everything goes according to the plan, two casinos will be established on Mongolian soil. They are expected to be superior to the ones, located in Macau and to lure players who usually go to the Macau-based casinos.
It seems like Mongolian authorities do not want to waste time and resources. The Asian gambling sector is currently undergoing significant revival, despite the revenue-related issues in Macau.
Several prominent companies have already expressed their keen interest in expanding their business and entering Asian markets. Vietnam and South Korea are planning to establish luxurious integrated resorts, City of Dreams opened doors in the Philippines mere weeks ago and obviously Mongolian officials have suspected the potential benefits the gambling legislation would bring to the tourism and leisure industries and the economy in general.
In the next few days, the Parliament will vote on the bill but that is not likely to happen before February 18th.
A representative of the Working Party announced that there are certain clauses included in the bill that prohibit Mongolian residents from participating in gambling activities.
Although the exact location of the future casinos has not been determined yet, people familiar with the matter suppose that the Khushigt Valley International Airport is one of the probable locations. The casino is to be owned by private investors and it will be one of the factors believed to be beneficial for boosting the economy and the tourism sector in particular.
As soon as the bill passes and all restrictions imposed on Macau by Xi Jinping come into force, tourists who are not allowed to visit Macau are likely to visit Mongolia instead and they will find the same variety of gambling and leisure facilities.
In point of fact, Mongolian authorities gave the green light to the casino legislation five years ago but later,the legislation was annulled because the officials were afraid that the gambling activities would lead to corruption and other social issues.

Source:http://www.casinonewsdaily.com/
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