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NagaCorp Unveils Naga 3 Casino Resort Expansion Project

NagaCorp moves on to expand its operations in the Cambodian capital with the development of a $4 billion Naga 3 integrated resort

NagaCorp has recently unveiled a $4 billion expansion of its NagaWorld integrated resort in the capital of Cambodia, Phnom Penh. The project will see the development of Naga 3, or the third phase of the company’s NagaWorld mega-resort scheme.

In a recent filing with the Hong Kong Stock Exchange, NagaCorp said that it plans to build Naga 3 at the site of what was previously known as the White Building in the Tonle Bassac commune in the Cambodian capital.

Local news outlet the Phnom Penh Post reports that the gaming and hospitality company has in principle received approval from the government of Cambodia to move on with its expansion project. NagaCorp is the only company licensed to operate casino gambling in the Asian nation’s capital.

Naga 3 will feature four 42-story buildings and will occupy approximately 7,757 square meters of land, according to a 29-page filing with the Hong Kong Stock Exchange. It has also become known that NagaCorp has bought an additional plot of 9,080 square meters near the former White Building and has been granted another approval by the government to develop five blocks of buildings with a maximum height of 66 stories that will feature entertainment facilities, hotels, and residential buildings.

The gaming and hospitality company plans to plough between $3.8 billion and $4 billion into Naga 3.

Government Officials Welcome the Project, Official Approval Still Pending

Commenting on NagaCorp’s announcement, Phay Siphan, a spokesperson for the government of Cambodia told the Phnom Penh Post over the weekend that he was aware of the project. He went on to say that the matter still needs to go through the nation’s Ministry of Economy and Finance, even though he has heard, through unofficial sources, that the plan has already been approved by the government.

Despite the lack of clarity whether the government has given the nod to the major development or not, Mr. Siphan has welcomed the project as it would create jobs, draw visitors to the country, and generate additional revenues for the government.

Representatives for the nation’s Ministry of Economy and Finance said over the weekend that they are yet to receive documentation about the project. They too pointed out that it seems the proposed development has obtained an unofficial approval from the government.

NagaWorld originally commenced operations as a riverboat casino in the mid-1990s. The business then moved on shore in 2003. In late 2017, NagaCorp launched Naga 2, the second phase of its integrated resort.

According to the company’s recent announcement, its Naga 3 property will be linked to Naga 1 and Naga 2 via the underground NagaCity Walk, which already connects NagaCorp’s existing operations in Phnom Penh.

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The post NagaCorp Unveils Naga 3 Casino Resort Expansion Project appeared first on Casino News Daily.

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April 2019
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