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Naga Corp, a famous hotel, gaming and casino operator from Cambodia has announced plans to spend $3.5 billion in order to expand its assets soon.
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The company got approval from shareholders who have decided to support this project. A General Meeting was held recently and 98% of those who participated said that NagaCorp should consider expansion. Company’s CEO, Tan Sri Dr Chen Lip Keong abstained from voting but still has decided to pay for half of the “Naga 3” project.
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NagaCorp will invest in four 42-story towers that will include hotels, residences, convention halls, dining facilities, retail outlets, and entertainment venues. It is expected for these new establishments to have large casino floors too. Also, 4,720 hotel rooms will be included in this project.
Naga 3 will be built in Phnom Penn and it will be three times larger than original NagaWorld and Naga 2 combined.
This is going to be the largest private sector investment in Cambodia and it is estimated that 18,000 permanent jobs will be created. During its construction phase, Naga 3 will employ around 50,000 to realize the project.
This is going to be a lucrative deal for NagaWorld since Cambodia recently banned online gambling. This means that licensed operators will have more customers in their establishment on a daily basis, therefore, more income will be made.
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The number of gamblers who rely on land-based options has been increasing steadily and that is something that NagaWorld looks to profit upon.
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Source:https://calvinayre.com/2019/08/27/casino/nagacorp-gets-approval-from-shareholders-for-naga-3/
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