Cambodian casino operator NagaCorp has released new images and details of the proposed Naga 3 expansion in Phnom Penh.
Naga 3 – Phnom Penh
The Chicago-based architecture firm of Skidmore, Owings & Merrill (SOM) unveiled the new images of Naga 3, the expansion is expected to cost $3.5b. The plans, for the third complex in the capital Phnom Penh, were announced in early 2019 but the plans have undergone significant revision since then, including a reduction from five hotel towers to three, reports Calvin Ayre.
SOM said that one of the three towers will be “a commanding emblem in the skyline, and the highest point” in the city.
The Naga 3 plans initially included the construction of multiple very tall towers that will boast a “combined 4,720 hotel rooms, and integrated resort non-gaming amenities (shopping, dining, entertainment, conventions, etc.) plus a serious expansion in slots and gaming tables.”
It’s not clear if the plans for the towers to be 66-stories high or for other amenities such as a high-tech digital theme park, ‘sky pools’ on some of the towers, meetings/conference space and an outlet mall are still included in the new plans.
The Khmer Times reported that “the resort will also have an all-suite luxury spa, duty-free shopping gallery, 19 food and beverage outlets, extensive entertainment services and premium meeting spaces with state-of-the-art facilities, as well as one of the country’s largest hotel convention spaces that can accommodate more than 3,000 delegates.”
The AGBrief said “The resort will be built over a maximum of 544,801 square meters and will feature three hotel towers. It will be linked to the existing Naga 1 and 2 through an underground walkway. The property will feature 90 per cent non-gaming offerings including a three-floor digital entertainment zone.”
NagaCorp, before the COVID-19 outbreak, said that it expects 10% annual revenue growth through to the end of 2025.
NagaCorp monopoly
NagaCorp extended its Phnom Penh casino monopoly in November 2019 and it will run until December 31, 2045. It was reported that Hong Kong-listed NagaCorp announced that it had reached a deal with Cambodia’s government to extends its casino monopoly within a 200km radius of Phnom Penh by a further 10 years from 2036.
The original deal gave the company a 70-year gaming license set to expire in 2065 and assured NagaCorp casino monopoly in and around Phnom Penh. The only exceptions were such Sihanoukville and along the border with Vietnam.
As part of the deal, NagaCorp agreed to pay the government $10m upon signing the new deal plus a further $3m per year for 10 years starting January 1, 2036.
All casinos are currently closed in Cambodia due to the ongoing COVID-19 restrictions.
