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

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American

  • Lost in translation: ‘Starvation’ in capital’s designated red zones

    “DACH bay” is a Khmer slang meaning a “loss of income”, that could also be literally translated to «deprived of rice”, which alludes to starvation. However, civil society organisation (CSO) officials have independently confirmed the government’s prior assertions that there are no cases of