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Name: Naga 3
Developer: Naga Corp.
Location: On the site of the former “White Building” in Tonle Bassac commune, Phnom Penh
Number of Floors: Two 66 floors hotel, two 53 floors hotel and a 12 floors multi-purposed building with 3 basement levels
Number of Hotel Rooms: The project aims to build up to 4,720 hotel rooms spread across at least five towers
Total Land Area: 17,565sqm
Total Buildable Area: 544,000 sqm
Total Investment: Between USD $3.8 to $4 billion
Description: Amenities include a high-tech digital theme park, ‘sky pools’ on some of the towers, meetings/conference space and an outlet mall. Gaming options could include up to 800 tables (both mass and VIP) and up to 2,500 EGMs. Gaming options could include up to 800 tables (both mass and VIP) and up to 2,500 EGMs. NagaCorp is also floating something it’s calling its ‘casino cell concept,’ in which “large casino spaces are broken down into smaller spaces, each with its own entertainment, food and beverage and other integrated services.”
 

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NagaCorp Ltd unveils Naga 3

https://phnompenhpost.com/business/nagacorp-ltd-unveils-naga-3

NAGACORP Ltd, which owns Phnom Penh’s only licensed casino NagaWorld, announced its $4 billion Naga 3 Project on the site of the former “White Building” in Tonle Bassac commune, a 29-page document filed with the Stock Exchange of Hong Kong Limited said.

The company’s announcement said the government had approved in principle the construction of the Naga 3 integrated entertainment complex in four 42-storey buildings on 7,757sqm.

The company said the government then granted another approval in principle after it bought an additional 9,080sqm plot, adjacent to the land of the former White Building, to build five blocks of buildings at a maximum height of 66 storeys, to function as entertainment establishments, hotels and apartments.


The additional land said to have been purchased by the company contains the 7NG Group Co Ltd’s head office.

7NG Development Co Ltd director Srey Chantou could not be reached for comment on Sunday to verify if the land – of unknown ownership – had been sold to NagaCorp.

The five-decade-old building with 492 families living in it was demolished in 2017 after the government, in cooperation with Japanese real estate company Arakawa Co, resolved to develop the area. The original plan was to construct a 21-storey building at a cost of some $80 million.

However, a rumour had been circulating that the property would be developed into Naga3 instead, which has now been realised.

NagaCorp expects to incur approximately $3.8-4.0 billion in capital expenditure for the development of the Naga 3 Project, according to its announcement.

Unofficial sources

The company did not disclose the price of the land. However, according to research earlier this year by the real-estate agency, Key Real Estate, the land in the area costs an average of $4,000-$6,000 per sqm.

Government spokesperson Phay Siphan told The Post on Sunday that he heard about the project through unofficial sources.

“This matter needs to go through the Ministry of Economy and Finance. As for me, I heard unofficially that the government had already approved,” he said.

However, Siphan welcomes the new development project, which he said will earn more tax revenue for the government, create jobs and boost tourism.

Mey Vann, the director-general of the General Department of Financial Industry at the Ministry of Economy and Finance, told The Post on Sunday that the ministry has not received documentation about the company’s plans.

“I heard that the company obtained approval from the government [for the Naga3 Project] but I cannot give any details as the ministry has yet to receive any documents,” he said.

An unaudited financial statement for the first three months of this year – ending March 31 – said NagaCorp generated more than $321 million in gross gaming revenue – a 32 per cent increase compared to the same period last year.

In its annual financial report for last year, NagaWorld showed a 55 per cent increase in gross gaming revenue to $1.4 billion and net profit jumped 53 per cent to $390.6 million compared to 2017. NagaCorp reported paying $8.81 million in income tax last year.

Mey Vann had previously told The Post that the government had collected more than $20 million in 2013 and 2014. However, he said the company will need to pay another profit tax for non-gaming revenue – the revenue from rooms booked, restaurants, et cetera.

NagaCorp successfully launched Naga2 late in 2017. The Naga 3 Project will be connected to the underground NagaCity Walk linking Naga 1 and Naga 2, according to the announcement.

Affiliated Network for Social Accountability executive director San Chey said casinos will be used for money laundering unless the government can properly legislate regulations.

“As anti-money laundering measures are still limited, we are worried that casinos could be used as a place for money laundering,” he said.

However, Phay Siphan said the government has the issue well under control.
 

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Discussion Starter #3
NagaCorp plots $4b Naga 3 casino project in Phnom Penh

https://calvinayre.com/2019/04/04/casino/nagacorp-naga-3-casino-project-4-billion/

Cambodian casino operator NagaCorp started off 2019 on a roll, with VIP gambling activity driving a nearly one-third spike in revenue.

On Wednesday, the Hong Kong-listed NagaCorp offered investors a sneak peek at its upcoming Q1 earnings report. The company said its gross gaming revenue hit just under $321.2m in the first three months of 2019, a 32% rise from the same period last year.

Spending at NagaCorp’s flagship NagaWorld property in Cambodia’s capital Phnom Penh was up across the board, with mass market table buy-ins rising 31% to $344.4m and electronic gaming machine (EGM) bills-in up 29% to $665.8m. But VIP gambling turnover was the real star, as rolling chip numbers were up 45% to nearly $8.19b in the three months ending March 31.

The company credited a number of factors for the VIP surge, including junket operator Suncity Group moving its operation in the Naga 2 facility to a larger space with more VIP tables and other amenities. The Tak Chun junket officially planted its flag at NagaWorld during the quarter, as did the Guangdong Group.

NagaCorp said its VIP business also benefited from a continued influx of tourists, particularly from China, although its VIP customer composition remains “well diversified between Southeast Asia and North Asia.” That said, NagaCorp said management “continues to adopt a conservative gaming policy.”

The positive figures came despite the ongoing renovation of 500 of the 750 hotel rooms at the original Naga 1 facility, which commenced late last year and won’t be complete until the tail end of this year. Total occupancy over both NagaWorld properties stood at 86% by the end of March.

NagaCorp is coming off a record performance in 2018, during which revenue shot up 55% to $1.4b and net profit spiked 53% to over $390m. The impressive gains were largely due to excitement over Naga 2, which opened its doors in late-2017.

NAGA 3 TO COST UP TO $4B

The company continues to develop plans for its ambitious Naga 3 project (artist’s impression pictured above), which the company said could cost between $3.8b and $4b. The project aims to build up to 4,720 hotel rooms spread across at least five towers, two of them 66-stories high. Other amenities include a high-tech digital theme park, ‘sky pools’ on some of the towers, meetings/conference space and an outlet mall.

Gaming options could include up to 800 tables (both mass and VIP) and up to 2,500 EGMs. NagaCorp is also floating something it’s calling its ‘casino cell concept,’ in which “large casino spaces are broken down into smaller spaces, each with its own entertainment, food and beverage and other integrated services.”

While these plans are said to be at an “advanced” stage, NagaCorp is still working out where it’s going to find the necessary funding, as Naga 2 cost a mere $700m to develop. Morgan Stanley Asia and Credit Suisse (Hong Kong) have been enlisted to help explore funding options. Fortunately, NagaCorp holds a monopoly on casinos within 200km of Phnom Penh that won’t expire until 2035, so time is on its side.
 

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the latest design has only three towers instead of five. No mention of the height of each tower.
 

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Well it is not confirmed but I heard from a reliable source, the tallest building is 75 floors and the two buildings next to it has 61 floors.

the latest design has only three towers instead of five. No mention of the height of each tower.
 
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