Ten-year development plan
A US$200 million casino resort is planned for Bavet City in Cambodia.
The Khmer Times reports that the development, to be located on a 50-hectare (154-acre) tract near Vietnam’s Moc Bai border, will include land-based and online casino facilities. The developer was identified as Virtue Resources Corp.
The resort called Empire World City will also have a hotel, a shopping mall and what has been described as a “water show arena.” Executives linked to the developer reportedly said financing is under way and construction could begin by the end of the year. According to an estimated timeline, Phase I of the project could be completed by the end of 2019, with the full development to be finished within 10 years.
Two MOUs on the Empire World City project were signed on April 13 at the Sokha Phnom Penh Hotel in the Cambodian capital, the Times reported.
The CEO of Empire World, identified by G3Newswire only as “Mr. Eric,” said, “We are going to kick-start this project by starting the leverage work and we estimate by end of this year we can start the construction.”
The CEO of Virtue Resources Corp., identified in the publication as “Mr. Chew,” added, “We are building this mega-project because we see the potential of economic growth in Cambodia for the next 10 years. We believe Empire World City will boost the local economy by attracting neighboring Vietnamese into the city.”
