Cambodian casino operator NagaCorp has proposed to conduct an international offering of notes to institutional investors in Asia, Europe and the United States in order to raise funds for upgrades to its original facility and VIP operations at NagaWorld.
In an announcement, NagaCorp said it would commence a series of roadshow presentations starting on 2 May 2018 to qualified institutional investors ahead of submitting an application to the Singapore Exchange for listing of the notes. No listing will be sought in Hong Kong.
NagaCorp added that “the proposed notes issue is being undertaken by the group to enhance the quality and appeal of NagaWorld, and further develop its gaming business particularly in the VIP segment.
“The group intends to use the net proceeds from the notes to (1) promote gaming business growth, particularly in our VIP gaming segment, and (2) refurbish the hotel rooms in Naga1,” it said.
NagaCorp last month reported a 181% increase in gross gaming revenue to US$243.2 million in the three months to 31 March 2018, buoyed by the launch of Naga2 late last year which saw a 51% increase in rolling chip volume and a 56% increase in mass table drop.
