NagaCorp plans for a $4B casino project in Cambodia
NagaCorp, Cambodia’s largest hotel, gaming and leisure operator, is planning to create another integrated resort casino in the country. The project is called ‘Naga 3’ and is ambitious in its scope, with the cost for it estimated between $3.8 billion and $4 billion. The project is envisioned to be located in Phnom Penh, capital of Cambodia.
The Hong-Kong listed company already had their flagship NagaWorld property in Cambodia’s capital Phnom Penh. The Naga 2, its second IR in the country was also opened to the public back in 2017 and stocks rose up considerably at the time of Naga 2 project’s announcement.
Below is an artist’s impression of the Naga 3. The project aims to build up to 4,720 hotel rooms spread across at least 5 towers, out of which 2 are 66-stories high. Other amenities in the mammoth project include a high-tech digital theme park, ‘sky pools’ on some of those towers and meeting/conference spaces and an outlet mall.
Still, the funding for the Naga 3 hasn’t been sorted yet. The Naga 2 cost just $700 million to develop, a relatively reasonable amount for an architectural project like building an IR. Morgan Stanley Asia and Credit Suisse (Hong Kong) have been enlisted to help fund for this project.
NagaCorp holds an official monopoly on casinos with 200 km of Phnom Penh, which will not expire until 2035. So, it still has a lot of time to figure out the funding since it doesn’t have to care about competition.
A project this big and so close to India means it will unfailingly attract a lot of Desis to the felts. And if the Cambodian government chooses to be liberal with its gambling laws, the revenue coming from this industry will not fail to please the lawmakers. Keep reading GutshotMagazine.com for more such industry updates from around the world as well as from nearby regions and India.
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