• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

NagaCorp reassures investors over Cambodia licence

Oct 07, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck  


NagaCorp reassures investors over Cambodia licence

Cambodian casino operator NagaCorp Ltd has taken the step of reassuring investors about its casino licence rights in the country.

NagaCorp affirmed in a filing to the Hong Kong Stock Exchange late on Monday that the company has – via an indirect wholly-owned subsidiary called Ariston Sdn Bhd – the right granted to it by the Cambodian government to conduct casino gaming activities in Cambodia for a period of 70 years from January 2, 1995.

It stated that the deal includes an exclusive right to operate a casino (NagaWorld, pictured) in the capital Phnom Penh, and the area within a radius of 200 kilometres (124 miles) of the city, “except the Cambodia-Vietnam border area, Bokor, Kirirom Mountains and Sihanoukville”. The company added that the exclusivity right lasts until the end of 2035.

NagaCorp said it was issuing the filing because it had “noted, whether with an intention to cause trouble or not, some questions on the company’s exclusivity rights”.

Some observers have previously expressed concern that NagaCorp’s gaming rights are tied to the political fortunes of Prime Minister Hun Sen, who has been in power for more than 25 years but has recently faced a growing domestic opposition to his government.

Nonetheless, NagaCorp has been increasing its investment in the country. It is building a second phase known as Naga2, due to open in 2017, including 1,000 new hotel rooms and suites, more gaming tables and machines and convention space with a 4,000-seater theatre.

According to a report in March 2013 by Malaysia’s CIMB Research Pte Ltd, the capital cost of Naga2 was estimated at that time as US$369 million. A third phase is also planned.

NagaCorp said in its interim report for 2014, filed in mid-September, that it had engaged an independent external advisor called Political and Economic Risk Consultancy Ltd, “to assess the investment risks in Cambodia”.

In other developments, NagaCorp is to lease two Airbus A320 aircraft to a start up airline, enabling the latter to bring gamblers from China into the country, reports the Phnom Penh Post newspaper.

NagaCorp’s chairman Tim McNally in August told GGRAsia the firm planned to start in September flying Chinese VIPs to its property in Phnom Penh.

The casino company has signed more than seven VIP promoter groups from Southeast Asia, primarily from Malaysia, in recent years. But in August the company said it was ready to sign up seven or eight junket operators from Macau.

The new airline – Bassaka Air – was on Monday granted an operational certificate by the Cambodian government, said the English language Phnom Penh Post. An airline executive quoted by the media outlet said he couldn’t give a date for the start of flights, as other permits were required.

On October 3, NagaCorp reported its gross gaming revenue for the third quarter of 2014 as US$91.5 million, an increase of 23.5 percent from a year earlier.

Analysts from Credit Suisse in Hong Kong said in a note on Monday that a Macau junket called Asia Nation started contributing to NagaWorld operations from late August. The casino operator has also made an agreement with Suncity Group, one of the largest junket platforms in Macau.

NagaCorp also plans to open a US$350-million casino resort near Vladivostok in the Russian Far East. In August it said the process of obtaining all necessary permits for the construction of the project would “ be completed in about a year”. The Vladivostok project “is not expected to be operational before 2018,” it added.


  • tweet
Related articles
  • Summit Ascent flags return to profit for 2022
    Summit Ascent flags return to profit...

    Mar 15, 2023  

  • Moody’s reviewing NagaCorp rating on refinancing risk
    Moody’s reviewing NagaCorp rating...

    Mar 03, 2023  

More news
  • Philippines must strengthen junket AML controls: watchdog
    Philippines must strengthen junket AML...

    Mar 22, 2023  

  • Vietnam’s Hoiana says has several partners to bring biz
    Vietnam’s Hoiana says has several...

    Mar 22, 2023  


Latest News

Philippines must strengthen junket AML controls: watchdog

Philippines must strengthen junket AML controls: watchdog

Mar 22, 2023  

Anti-money laundering (AML) controls in the Philippines’ casino sector need to be strengthened, says an analysis report by the country’s AML watchdog. The body pointed the finger at the junket...
Read More
Vietnam’s Hoiana says has several partners to bring biz

Vietnam’s Hoiana says has several partners to bring biz

Mar 22, 2023  

Jennifer Kartono named chief HR officer of Crane NXT

Jennifer Kartono named chief HR officer of Crane NXT

Mar 22, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We are seriously considering the privatisation of all Pagcor-operated casinos”

Alejandro Tengco

Chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor)



Most Popular

  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau ops getting overseas visitors via private jets: reportMacau ops getting overseas visitors via private jets: report March 21, 2023
  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Casino op SJM 2024 EBITDA to hit US$510mln: Moody’sCasino op SJM 2024 EBITDA to hit US$510mln: Moody’s March 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us