Cambodia – NagaCorp sets its sights on Macau with Naga3 developmentBy Phil - 22 July 2019
Cambodian casino group NagaCorp has said it is ready to take on the casinos of Macau with its latest US$3.5bn investment into its NagaWorld casino in the capital of Phnom Penh.
NagaCorp Chairman Tim McNally confirmed the operator will start the build of Naga3 in late September or early October.
He added: ““We have a monopoly license until 2035 and we want to maximize that license. We have a lot of confidence.”
The Naga3 development will set a new quality standard to take on the very best casino resorts in Macau with 4,720 hotel rooms across five towers and multiple gaming and entertainment facilities.
According to a filing to the Hong Kong stock exchange, the five hotel towers will be connected by an amended 11-storey podium incorporating the hotel lobby, gaming, retail, restaurants, a theme park, spa and conference space. The podium had originally been planned as 12-storeys.
NagaCorp stated: “Upon completion, Naga 3 will be the largest integrated resort in the country. Set within five modern purpose-built towers, it will complement the existing facilities at Naga 1 and Naga 2 with a quality standard set to rival that of the integrated resorts located in Macau. Located along Sothearos Road in Phnom Penh, Kingdom of Cambodia, Naga 3, upon completion, will be the largest integrated resort in the country. Set within five modern purpose-built towers, it will complement the existing facilities at Naga 1 and Naga 2, with a quality standard set to rival that of the integrated resorts located in Macau. Proposed facilities will include gaming facilities (tables and slots), three basement levels, an eleven-level multi-entertainment podium, five hotel towers (totaling circa 4,720 hotel bays) which includes a 48-storey condotel.”
Towers 1 and 4, covering 45 storeys including the 11 podium levels, will provide 30 storeys of hotel space and two storeys of VIP gaming on Levels 43 and 44. Towers 2 and 3, covering 66-storeys, will include a Sky Deck, swimming pool meeting and events space, 50-storey hotel and another 2 storeys of VIP gaming on Levels 64 and 65. The 48-storey Tower 5 will feature a 30-storey Condotel, 14 storeys of car parking and two storeys of meeting and events service space. In total, Naga3 will cover 544,801 square meters of land.
The casino’s revenues for the first quarter of 2019 were up another 32 per cent, to add to group record revenues in 2018 of US$1.43bn, an increase of 54.9 per cent.
The project will bring an extra 800 gaming tables, mass and VIP, to the only casino in the capital of Phnom Penh, along with 2,500 EGMs. NagaWorld has no restriction as to supply of gaming tables and gaming machines.
NagaCorp said: “The vision of the Group is to build the largest comprehensive, multi-entertainment riverine integrated resort in the world and position the group as another gaming powerhouse in Asia Pacific, further securing its firm footing on the competitiveness of the group. The Naga3 Project will showcase a lifestyle product consisting of gaming and non-gaming spaces and comprise amenities and facilities which are not available at Naga1 and Naga2, notably hi-tech virtual reality interactive indoor theme parks, more shopping and MICE facilities and family recreational areas to impart a more satisfying, penetrating and complete visitation experience.”
Las Vegas architect Steelman Partneers has designed Naga 3 with the intention and purpose that upon completion, NagaWorld Complex shall suitably be referred to the ‘biggest Riverine Integrated Resort in the World.’ Naga 1 covers a gross floor area of 113,307 square meters, Naga 2 covers 108,764 square meters, whilst Naga 3 will dwarf them both at 544,801 square meters.’