The Israeli gaming firm behind Sihanoukville’s Queenco Casino is seeking investors to expand its operations in the seaside town, according to a report released by the company last week, but after six months of “cash flow distress” and losses of more than $1 million, those dreams may be dashed.
Yariv Lerner, CEO of Queenco Leisure International Ltd., said in the company’s second-quarter financial report, released on August 28, that the company is seeking investors to develop a 3,000-room, 5-star gaming resort on 9 hectares of land. But after financial losses of about $1.18 million, the company may be forced to sell the land, the report says.
“The Company would like to develop a new tourist project on a 9 hectare land it owns in Sihanoukville, which is located near the current Cambodian project,” Mr. Lerner says, adding that the company is trying to find “investors and/or business partners.”
“However, due to the Company’s cash flow distress, it may need to sell this land. Indeed, the Company’s board of directors resolved in February 2013 to offer for sale the Company’s 9 hectare land in Cambodia, if needed to enable the Company to meet its obligations,” he says.
Queenco Casino could not be reached for comment on Thursday.
In July, the gaming resort hosted the Asia Poker Tour, which drew 120 players from around the world competing for a $28,000 grand prize.