{"id":16179,"date":"2021-03-24T17:13:04","date_gmt":"2021-03-24T17:13:04","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16179"},"modified":"2026-04-23T20:52:32","modified_gmt":"2026-04-23T23:52:32","slug":"cambodia-government-cancels-nagacorp-angkor-wat-resort","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/cambodia-government-cancels-nagacorp-angkor-wat-resort","title":{"rendered":"Cambodia government cancels NagaCorp Angkor Wat resort"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Ministry of Culture and Fine Arts has decided that NagaCorp&#8217;s resort at Angkor Wat should not go forward.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Cambodia.- The Cambodian <strong>government has put a stop to NagaCorp&#8217;s plans to build a US$350m non-gaming resort<\/strong> at the UNESCO world heritage site <strong>Angkor Wat. <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NagaCorp was reported to have received a <strong><em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/nagacorp-granted-50-year-land-lease-land-in-cambodia\" target=\"_blank\">50-year lease on<\/a><\/em><\/strong> a plot of land back in November, but yesterday, the<strong> International Coordinating Committee for Angkor (ICC-Angkor)<\/strong> said the plan &#8220;cannot be implemented&#8221;.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Ministry of Culture and Fine Arts<\/strong> has stood by the committee&#8217;s decision, citing<strong> a review that took place on January 27 <\/strong>during the plenary session of ICC-Angkor and two subsequent sessions. The review took into consideration\u00a0NagaCorp\u2019s proposal and comments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UNESCO also raised concerns with the proposed project last month.<\/strong> It said in statement: \u201cThe proximity of the project to the protected buffer zones of the [Angkor Wat] site as well as the scale, scope, and concept of the planned activities could indeed have an impact on the outstanding universal value for which Angkor was inscribed on the UNESCO World Heritage List.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cUNESCO is certain that the Cambodian authorities remain fully committed to the implementation of the World Heritage Convention and will ensure that the protection of the outstanding universal value of Angkor remains at the heart of the decision-making processes relating to the property and its surroundings.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last year <strong><em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/moodys-tags-nagacorp-project-as-credit-negative\" target=\"_blank\">Moody\u2019s graded the project \u201ccredit negative\u201d<\/a><\/em><\/strong>, taking into account that NagaCorp is already committed to other major projects, including the phase 3 expansion of NagaWorld, which will be funded by its chief executive, Chen Lip Keong.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Culture and Fine Arts has decided that NagaCorp&#8217;s resort at Angkor Wat should not go forward.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Cambodian government, supported by UNESCO and ICC-Angkor, has halted NagaCorp's US$350m non-gaming resort project near the Angkor Wat UNESCO World Heritage site. This decision, following a review and concerns over the project's impact on the site's outstanding universal value, overrides a previously reported 50-year land lease. Moody's had already issued a \"credit negative\" assessment for the project.","focusai_entities":"NagaCorp, Ministry of Culture and Fine Arts, International Coordinating Committee for Angkor (ICC-Angkor), UNESCO, Moody\u2019s, Chen Lip Keong","focusai_location":"Cambodia, Angkor Wat","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (0.9), operator_casino (0.7), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"NagaCorp Capital Reallocation?","query":"How will NagaCorp reallocate the US$350m earmarked for the Angkor Wat resort, and what implications does this have for its iGaming expansion or other capital projects like NagaWorld Phase 3?"},{"label":"Regulatory Precedent Impact?","query":"What precedent does this decision set for future large-scale commercial developments in proximity to UNESCO World Heritage sites within Cambodia and other emerging markets?"}],"footnotes":""},"categories":[157,158,16333],"tags":[2336],"class_list":["post-16179","post","type-post","status-publish","format-standard","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16179"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16179\/revisions"}],"predecessor-version":[{"id":16208,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16179\/revisions\/16208"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}