Logo of Phnom Penh Post newspaper Phnom Penh Post - $30M casino, theme park project mooted

$30M casino, theme park project mooted

$30M casino, theme park project mooted

MQ Technology Bhd, a Malaysian investment holding company, is looking to form a joint venture with a newly formed entity, Cambodian Resorts and Entertainment Co Ltd, to build a $30 million casino and theme park in Prey Veng province near the Vietnamese border, according to Malaysian media reports.

The Star, Malaysia’s largest newspaper, cited an anonymous source familiar with the deal as saying the proposed joint venture would see MQ Technology handle the construction of a hotel, casino and theme park, while Cambodian Resorts and Entertainment (CRE) would handle the actual casino operations.

MQ Technology – which specialises in high-precision mould-making and magnetic coils for hard-disk drives – had previously announced a plan to build a theme park in the southern Malaysian state of Malacca in a bid to keep the company out of the red.

A spokesman for MQ Technology declined to confirm or provide details of the joint venture proposal when contacted yesterday. The original report projected that the joint venture could be linked to NagaCorp Ltd, the operator of Phnom Penh’s NagaWorld casino and hotel complex.

However, CRE’s commercial registry documents suggest the deal could be tied to local gaming firm VW Win Holdings Plc, a subsidiary of Malaysian conglomerate Century Dynasty that has operated CamLoto since 2013. Chan Loong Wai, a resident of Malaysia, is listed as CRE’s board chairman, while Michael Ho, chief operating officer of VW Win Holdings, is listed as a contact.

Ho did not respond to emails yesterday. Century Dynasty chairman Stanley Goh Teik Keng said he was unaware of VW Win’s involvement in the proposed casino and theme park project.

“[Neither] VW Win, CamLoto nor Century Dynasty . . . have any involvement with MQ Technology to build a casino that I am aware of,” he said, denying any business relationship with CRE.

Ros Phirun, deputy director of the finance industry department at the Ministry of Economy and Finance (MEF), said he had not received any applications for a gaming licence for a project fitting the billing. However, he did not rule out the possibility it could go ahead.

“A casino could be built along the Vietnamese border in Prey Veng – but not in the provincial capital – and would be able to apply and be granted a casino licence as long as it is [intended] for Vietnamese gamers,” he said.

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Demining rat ‘hero’ Magawa dead at 8

    A landmine-hunting rat that was awarded a gold medal for heroism for clearing ordnance from the Cambodian countryside has died, his charity said on January 11. Magawa, a giant African pouched rat originally from Tanzania, helped clear mines from about 225,000sqm of land – the equivalent of 42

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer