Phnom Penh – NagaCorp is planning its third casino project in Phnom Penh to tap the growing numbers of free-spending Chinese tourists to the country. But with a price tag equal to almost a sixth of Cambodia’s GDP, analysts are questioning the viability of the project.
In a filing with the Hong Kong stock exchange on Sunday, NagaCorp said it will spend $3.5 billion to build a hotel and casino resort that will boast over half a million square meters of floor space when finished in 2025. The figure excludes land costs.
The company, which has a monopoly casino license in Phnom Penh that runs until 2035, is in the midst of an earnings hot streak, having posted a record profit last year on strong gaming revenue at its Naga 1 and Naga 2 casino complexes, which opened in 2003 and 2017, respectively.