NagaCorp moves forward with Naga3 resort
The last stage of the Cambodian integrated resort overlooking the Mekong River in Phnom Penh is set to be finished by 2025.
Cambodia.- The Hong Kong-listed operator NagaCorp has full intentions of moving forward with the construction of its Naga3 integrated resort amid the Covid-19 pandemic, it has said.
The outbreak hit hard on Cambodian casinos, with NagaWorld being one of the first to partially reopen. The casino was only allowed to return to full business in late July.
The company has taken several measures to strengthen its balance sheet, and now, according to IAG is proceeding “full steam ahead” with Naga3.
Company officials who requested anonymity told the media outlet the company remains committed to the US$3.5 billion integrated resort extension overlooking the Mekong River in Phnom Penh.
Renowned resort architects Steelman Partners, skyscraper experts Skidmore, Owings & Merrill, local architects and NagaCorp are working together to finalise the design of the hotel and casino scheduled to be ready by 2025. Until now at least, it is expected to have a 75-storey tower, the tallest in Cambodia, and two 61-storey towers set in a public park.
Naga3 will be linked to the existing complex by an extension of NagaCity Walk, the retail and entertainment area spanning 260 metres (853 feet) between Naga1 and Naga2.
The venture, in a large part funded by Naga founder Chen Lip Keong from his own pocket, will expand NagaWorld to a total of 5,000 hotel rooms, 1,300 gaming tables and 4,500 electronic gaming machines.
Cambodia’s government is rewarding the investment with a 10-year extension of NagaCorp’s Phnom Penh monopoly to 2045.
Analysts said that from 2014 through 2019, NagaCorp’s revenue more than quadrupled to US$1.76 billion, and the biggest increase came after Naga2 opened in November 2017. VIP revenue more than doubled after its opening.
They believe the inauguration of Naga3 will allow the gaming company to appeal not only to high-rollers but also to the premium mass market segment that usually frequents Macau and Singapore casinos.
