$500,000 bid at 75c, page-16

Cambodia was underwhelming for me too but since doing some research, I'm more hopeful. Why?

1. Cambodian government is easily the most accommodating government to casino operators in South East Asia. The downside to this is there is plenty of competition.
2. Cambodia borders Thailand who don't allow their citizens to gamble, and don't appear to be considering letting them gamble any time soon.

After some digging around, Sihanoukville interests me. It is rapidly becoming a high end resort town (with an airport) but its casino hotels are not keeping pace with the newer hotels. A renovation could really turn one of these into a big winner quite quickly. High rollers could fly in from Bangkok in under 3 hours (home/office to casino table).

The other obvious place is Poipet, which sits on the Thai border and is a 3hr drive from Bangkok. There appears to be more competition there plus cousins Genting have an asset there, so I'd be surprised if they want to compete. Perhaps cousins are selling? (family rates?).

As you have pointed out, a casino bordering Vietnam, in Bavet for example, would be stupid given the impending decisions to allow locals to gamble. I would be amazed (and hugely disappointed) if this were the case.

The other places are Siem Reap and Phnom Penh where airports allow for high rollers to come in from greater distances.