Mongolia to approve Draft Law on Casino

Feb 24 • Government, Laws, News • 4187 Views • No Comments on Mongolia to approve Draft Law on Casino

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The Mongolian Parliament would approve draft law on Casino by the Spring Session of the State Great Khural. The new draft law was proposed for the State Great Khural from the Government of Mongolia, after discussing several times by the Cabinet Ministers Meeting.

The first draft stated that only foreign nationals and stateless body over 21 years old can enter to the casinos in Mongolia. The exact locations of planned casinos are not settled yet, but highly considered location is Zamyn Uud, a border town to China, because the another law on Zayn Uud economic free zone stated that casino can operate in the Zamyn Uud free zone.

There are only two legal entities will receive casino licenses and license fee is 35 billion MNT. The lawmakers informed that according to the revenue projection based on the given parameters, the casino is expected to bring 138 billion MNT for the first year and 74 billion MNT in the succeeding years on average. If two casinos are in operation this revenue would double.

Also, Government agency “Casino Regulatory Committee” would be formed in order to provide adopting regulations, issuing and extending the license and monitoring the industry.

Casino can attract approximately US$500 million as investment. The casino is projected to have 80 tables, 1500 slot machines, making US$124 million revenue and providing 800 workplaces with salary of MNT 2 million on average.

The State Great Khural will discuss the draft law during its spring session.

Late 1990s, the Mongolian Parliament and its MPs experienced big scandal over the casino law approval, jailing numerous decision makers over the bribery accusation.

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