NagaWorld Reaffirms its Control over Phnom Penh Gaming Rights

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The NagaWorld Hotel and Entertainment Complex is an iconic fixture of the Phnom Penh skyline (Photo Courtesy of NagaCorp).

By Cecelia Marshall for The Khmer Times

PHNOM PENH, October 8, (Khmer Times) – NagaCorp Ltd. reaffirmed to investors and the public its exclusive casino license granted by the Cambodian government through 2035.

In a filing to the Hong Kong Stock Exchange through wholly-owned subsidiary Ariston earlier this week, NagaCorp disclosed its domain over casino gaming within a 200 kilometer radius surrounding Phnom Penh since 1995.

NagaCorp’s agreement with the Cambodian government excludes the Vietnam border region, Bokor, Kirirom and Sihanoukville.

“The company has every faith in the Royal Government of Cambodia’s ability to assist the Group in the enforcement of its rights,” the document stated.

NagaCorp received a formal written confirmation from the Ministry of Economy and Finance last month confirming that Ariston will continue to enjoy the exclusivity.

Last week NagaCorp reported third quarter gross gaming revenues of $91.5 million – an increase of 23.5 percent over last year.

The company has also been increasing investments, with Naga2 due to open by 2017 and plans for a third phase currently in the works.

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