NagaCorp has pushed back the completion of its next NagaWorld phase due to the “external geopolitical macroeconomic environment”.
Cambodia.- NagaCorp has announced that it will push back its Naga 3 project in Phnom Penh by four years to 2029. The company said it is exploring alternative options in light of external economic challenges and global inflationary pressures.
According to a filing with the Hong Kong Stock Exchange, NagaCorp needs to carefully consider possibilities to align revenue generation with capital expenditure on the development. One of the options being contemplated involves resizing the project.
The company’s unit and the project contractor has entered into a supplemental agreement to extend the completion date of the design and build agreement, now aiming for a target date no later than September 30, 2029. The project was originally scheduled to open in September 2025.
Naga 3, initially estimated to cost US$3.5bn, was expected to be a significant addition to NagaWorld. It is expected that the combined NagaWorld complex (Naga 1, Naga 2 and Naga 3) will have approximately 5,000 hotel rooms, 1,300 gaming tables, 4,500 EGMs and many non-gaming attractions.
In April, NagaCorp posted gross gaming revenue (GGR) of US$117m, up 6.8 per cent for the first three months of the year. EBITDA for the quarter fell by 3.3 per cent annually to US$59.02m.