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

  • Ministry issues warning over coronavirus outbreak

    The Ministry of Health on Wednesday asked the public to be on “high alert” as a new virus wreaks havoc across Asia. However, no cases have been reported in the Kingdom thus far. The 2019 Novel Coronavirus (2019-nCoV) has raised the alarm for its similarity to

  • Call for boycott of Angkor unacceptable

    Dear Editor, I wish to express my strong disagreement on the article published by Traveller for their website with the title Best places to go in 2020: 12 destinations you should avoid. Below is my opinion of the article. It is obviously free for the Traveller to

  • Probe underway after wreckage of drone with Chinese characters found

    Air Force Command spokesman Prak Sokha said on Sunday that investigations are underway regarding the wreckage of a drone that was recovered in Koh Kong province’s Koh Sdech commune in Kiri Sakor district. The wreckage has been taken to the capital for further examination,

  • Gov’t slams UN rapporteurs over Sokha trial statement

    The Ministry of Foreign Affairs and International Cooperation and the Permanent Mission of the Kingdom of Cambodia to the UN Office in Geneva deplored the statement of three UN special rapporteurs who claimed that Kem Sokha’s trial was “tainted” due to irregularities. The reaction

  • No power shortages next dry season, says energy minister

    Minister of Mines and Energy Suy Sem has assured the public that Cambodia will not suffer power shortages during the next dry season. Speaking on local TV on Tuesday, Sem projected a rise in power demand during 2020’s dry season – which starts in November and

  • Gov’t takes steps to lower logistics, transport costs

    With the threat of losing trade privileges in the EU drawing closer, the government is taking measures to reduce logistics and transportation costs to safeguard the Kingdom’s competitiveness. The EU is due to decide whether or not to withdraw the Kingdom’s trade privileges