Hong Kong-listed NagaCorp says it expects to commence main building works on its US$3.5 billion Naga3 development in Phnom Penh, Cambodia in mid-2023, while one of the project’s three hotel towers will be complete by the end of the year.
The update formed part of NagaCorp’s Annual Report, published late last week, in which Chairman Tim McNally confirmed Naga3, the latest expansion project of its monopoly integrated resort NagaWorld, is “moving forward as planned and making good progress.”
With piling work now complete, the company revealed it is nearing completion of the basements and ground floor construction of Towers 2 and 3, while Tower 1 is making progress.
“Upon full completion of Tower 2 basements and ground floor at mid-2023, main building works for Tower 1 and Tower 3 shall commence,” NagaCorp said.
“Tower 2 and podium section of basements and ground floor shall be completed in the fourth quarter of 2023.”
When complete in 2025, the Naga3 expansion will increase the NagaWorld offering to 5,000 hotel rooms, 1,300 gaming tables and 4,500 EGMs. NagaCorp said that around 93% of Naga 3’s gross floor area will feature non-gaming offerings, “consistent with the Group’s long-term strategy of offering comprehensive lifestyle products and services.”
“Given the uniqueness of a casino monopoly in the heart of a capital city, the combined complex of NagaWorld is expected to position the Group as one of the largest riverine integrated resorts and entertainment centres in the Asia Pacific region,” said McNally.
NagaCorp last month reported a 99.5% increase in gross gaming revenue to US$445.9 million in 2022, with net Profit of US$107.3 million reversing a loss of US$47.0 million in 2021.
RelatedPosts
