In order to diversify and expand economy, Mongolia has renewed attempt to open the country’s first casino in more than two decades. A bill to legalise casinos, betting, lotteries and horse racing was submitted to Parliament in December and is making its way through various Parliamentary committees.

The casino law becomes largely famous after it declared the years 2023-2025 as the “years to visit” Mongolia. The bill in Parliament also provisions building horse racetracks and legalising lotteries.

The bill submitted to the Great Khural states that Mongolian citizens won’t actually be allowed to gamble in the casinos on their own soil.

If passed, the new law would permit authorities to issue casino operating licences valid for 30 years. Upon expiry of the licence, half the casino shares must be transferred to the government. The operator’s licence can then be extended an additional 10 years. Another provision would prohibit the transfer of a casino licence to another company after it has been issued.

The minimum investment required by the government is USD 300 million. The last time Mongolia saw an investment in tourism on that scale occurred in 2015, when Shangri-La opened up a USD 500 million hotel, office and shopping complex in Ulaanbaatar.

As for Mongolia’s take, a tax rate of 40 percent on profits would apply, equal to what is currently required of casinos in Macau. A portion of the revenues would go back into tourism development. The legislation would also require the operator to make all transactions through local banks. (source: bne IntelliNews)