Logo of Phnom Penh Post newspaper Phnom Penh Post - Chinese firm cuts a deal with NagaWorld

Chinese firm cuts a deal with NagaWorld

Chinese firm cuts a deal with NagaWorld

A Chinese-owned firm will pay $40 million to enter exclusive negotiations to set up a gaming area in Phnom Penh casino NagaWorld, according to a statement released on Wednesday by NagaWorld’s publicly-traded owner NagaCorp in Hong Kong.

The company, CMC Phnom Penh Import-Export, “expressed confidence in the investment climate in Cambodia” thanks to potential Chinese gamblers arriving via NagaWorld’s airline and the attractiveness of NagaWorld’s luxury duty free stores, according to the statement.

If negotiations were to fail, neither party would have any claims against the other despite the prerequisite $40 million payment, the announcement reads.

However, the price tag has been described by Union Gaming Research analysts as a replacement of an up front fee for the Chinese firm to secure a concession for 300 slot machines, gaming site GGR Asia reported.

According to NagaCorp, CMC Phnom Penh Import-Export is owned by “a group of independent Chinese businessmen” and was referred to Naga by NagaWorld’s builder, China Central Asia Group.

MOST VIEWED

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh