Hong Kong-listed casino operator NagaCorp Ltd. plans to ask its shareholders to approve a new name for the company based on the Cantonese phrase “kam kai,” which means “gold world.”
According to a filing with the Hong Kong Stock Exchange, the company is already using the Chinese name for identification purposes. Approval of the Chinese name would come from authorities in the Cayman Islands, where NagaCorp is registered.
Analysts at brokerage CIMB Securities Ltd. said in an investor note that NagaCorp wants the name change to increase the number of mass-market Chinese players visiting NagaWorld, its casino in the Cambodian capital of Phnom Penh.
Meanwhile, NagaCorp has agreed to pay for fences of the National Buddhist Instituted in Phnom Penh, which were destroyed during construction of an underground tunnel that is part of NagaWorld’s second phase of development. Cambodian Prime Minister Hun Sen ordered all work stopped on the project after the mishap, amid fury from Phnom Penh’s Buddhist community.
NagaCorp hopes its compliance will allow construction to resumed on the project, which has seen its opening pushed back until the end of 2017.
