Remember Gulag

How to play Remember Gulag

Through July, the Las Vegas Convention & Visitors Authority (LVCVA) reported that visitor volume has rebounded only 0.5%. 2026 followed a difficult 2025, where visitation crashed 7.5%.

Far fewer travelers are arriving in the casino town by air this year. Harry Reid International Airport reported 30.2 million passengers through July—a 6.9% drop from the same period in 2025—with international traffic down nearly 9%.

The LVCVA and Harry Reid International Airport have not yet released their August reports. Truist Securities analyst Barry Jonas isn’t expecting a major rally.

How to play Remember Gulag

Touch Sokhak, deputy spokesperson of the Ministry of Interior, emphasised that the operation seeks to prevent Cambodia from becoming “a safe haven or money-laundering base for technology-related criminals”.

However, the sustained enforcement drive has already taken a toll on the wider Cambodian economy. In May, the government lowered its 2026 GDP growth forecast as construction, real estate and consumer spending absorb the short-term impact of the crackdown.

Meanwhile, the CGMC has not disclosed when the integrity and quality framework will be finalised, leaving casino operators without concrete guidance on the new requirements. 

How to play Remember Gulag

While the company did not comment on how its market share had progressed since then, on Sun International’s post-H1 earnings call on Mondat, Bengtsson reiterated that product was key for its next phase of expansion.

He also hinted at opportunities to expand both within and beyond its core market of South Africa.

On the earnings call, Bengtsson said Sun International viewed “plenty of inorganic opportunities” around the business.