Cambodian casino group NagaCorp halts Russian project

Ukraine war provides chance to escape problematic commitment, analysts say.

Cambodian casino operator NagaCorp has suspended development of its first overseas project, a casino resort near Vladivostok, Russia, citing “various uncertainties.”

The company did not directly mention Russia’s invasion of Ukraine or the resulting sanctions many governments have announced on financial and business dealings with Russia in its filing with the Hong Kong Stock Exchange on Thursday night.

But it invoked a force majeure clause in its investment agreement with Russian authorities, saying, “The company would like to suspend the development of the project indefinitely until the circumstance is clearer.”

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