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

  • Chinese nationals on the decline in Sihanoukville?

    It is no secret that real estate prices in Sihanoukville have been on the rise over the last few years due to the influx of Chinese nationals. Their arrival has brought investment in the real estate, construction, hotel and casino sectors, as well as small

  • PP massage parlours raided, 29 suspects held for prostitution

    The Phnom Penh municipal Military Police on Sunday raided four massage parlours in Por Sen Chey district and detained 29 suspects for questioning over their alleged involvement in prostitution. Deputy municipal Military Police commander Pu Davy on Monday said the four massage parlours were located near

  • PM: All 10 Asean countries to receive Rainsy arrest warrants

    Prime Minister Hun Sen said on Thursday that all 10 Association of Southeast Asian Nations (Asean) member states will receive warrants for the arrest of Sam Rainsy. The warrants have already been sent to Laos and Thailand. He was speaking at a joint press conference at

  • Overtourism still threatens Angkor Wat

    Ticket sales to the Angkor temples are down. An Angkor Enterprise report has revealed that ticket sales to the Angkor Archaeological Park dropped by more than 11 per cent from the same period last year. Prime Minister Hun Sen isn’t concerned. He told journalists that