NagaCorp, which runs the NagaWorld integrated resort (IR) in Phnom Penh, may pursue growth opportunities in the country. The Hong Kong-listed casino operator has announced plans to explore expansion in Siem Reap and Sihanoukville. But the properties may not include gaming, reported CalvinAyre.com.
NagaWorld says it wants to be perceived “as a more comprehensive and quality integrated resort developer with an emphasis on non-gaming as a source of revenue.
“The company anticipates that non-gaming and gaming IRs can co-exist with each other in a mutually beneficial manner. It is the intention of the group to explore viable and profitable IR development in the Siem Reap and Sihanoukville areas.” The government has said it will not permit casinos in Siem Reap province, which is home to the Angkor Wat temple complex.
NagaCorp further noted: “At that point of time, we believe that the group will gain a foothold as a strategic, sizable and comprehensive world-class IR developer to help promote tourism in the Kingdom of Cambodia.”
Siem Reap is near Cambodia’s UNESCO World Heritage site Angkor Wat, which prior to the pandemic was a popular tourist attraction. And the coastal city of Sihanoukville, once known for its natural splendors, in recent years has become home to dozens of casinos, mostly built by Chinese developers.
Currently, NagaCorp is developing a Russian Far East casino resort scheme, at the Primorye Integrated Entertainment Zone, near the Pacific port of Vladivostok. The aim is to “commence operations by 2022,” according to the group’s earnings filing. The company is investing US$3.52 billion in its NagaWorld complex.
Hong Kong-listed NagaCorp recorded a US$20.6 million profit in the first half, in spite of a temporary closure related to the Covid-19 pandemic. GGR for the half came in at US$372 million, more than 72 percent of it deriving from the VIP segment.
A statement from the company observed, “the group has recorded a steady increase in its gaming business volumes contributed by the patronage of mainly Chinese expatriates who have been currently living or conducting business activities in Cambodia and who are waiting to patronize our casino after ninety days of lockdown.”
The statement also noted that the firm’s gaming and resort development project in Vladivostok, Russia, “remains broadly on track to commence operation by 2022.”
