GGRAsia – Cambodian casino re-opens amid reverse-listing process

Cambodian casino re-opens amid reverse-listing process

May 27, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck

Roxy Casino in Cambodia has just re-opened, after undergoing refurbishment and renovation. The property is currently part of a reverse-listing process that will see it listed on the Australian stock exchange via a shell company, Cell Aquaculture Ltd.

Roxy Casino had a soft opening yesterday in Bavet City, in Svay Rieng Province, Cell Aquaculture told the Australian Securities Exchange in a filing.

The casino will operate around the clock, the company said.

Roxy Casino features a main gaming hall with 15 gaming tables and eight online gaming tables, plus a premium gaming area with five tables offering high-stake games.

The casino also has slot machines and a sports betting area focused on international football games.

The property includes a four-star hotel with 20 rooms and a restaurant.

Roxy Casino is approximately just 200 metres from the border from Cambodia to South Vietnam.

Cell Aquaculture says “Vietnamese locals are the most important market for the Roxy Casino due to its proximity to Ho Chi Minh City”, Vietnam’s largest city. Bavet is 87 kilometres from Ho Chi Mihn City.

“Marketing programmes and promotions are created to tap into this primary market, including attracting junkets from Vietnam.”

Vietnam has a population of around 92.5 million. The country has several casinos, but authorities prohibit casinos there from admitting Vietnamese punters, unless they hold a foreign passport.

Locals are prevented from gambling in casinos in Cambodia, but media reports say the “no locals” policy is only loosely enforced.

Cell Aquaculture is currently involved in a deal that will ultimately see Roxy Casino listed on the Australian stock exchange, using the firm as a shell.

Cell Aquaculture announced in March a heads of agreement with Noble Rate Ltd, Tang Dashun and Beijing Properties (Holdings) Ltd to acquire Roxy Casino and the Haikou Free Trade Zone Project, in Hainan Island, China, for A$83 million (US$76.8 million), paid in 553 million Cell Aquaculture shares. The deal, to be completed by July, will ultimately give control of the company to the vendors.

Cell Aquaculture, originally a marine farming company, had been placed into administration in November 2012. Last September, the company successfully raised A$3,000,000 and was reinstated to trading on the Australian Stock Exchange.