NagaWorld Sees Oportunities With Cambodia Casinos

NagaCorp Ltd.’s, NagaWorld Casino Resort in Cambodia might see its opportunity after the declining gaming revenue and diminishing gaming crowd in Macau, which is being hammered by a slower Chinese economy, the credit crunch and China’s visa restriction.

“Unlike Macau, which eyes the VIP market, Cambodia’s casinos will likely tap the masses domestically and in mainland China. NagaCorp’s conservative gaming policy pays in today uncertainty: no gearing, maximum table limit of USD50K, regional mid size players and top competitive services”, said the CEO of NagaCorp, Tan Sri Dr. Chen Lip Keong (TSCLK).

The company is well positioned with no major capital expenditure, low investments costs on NagaWorld, which means competitive complementary hotel, food and beverage and entertainment facilities for players coming in from China and South East Asia.

NagaWorld is planning to increase its marketing pressure on the Indo-China catchment areas with strategies attracting more home coming Cambodians and speeding up its Vietnam Ground Program.

Meanwhile the low tax rate continues to allow NagaWorld to devise strategic competitive STG programs. TSCLK also unveiled the company is in talks with operators and other casinos in the regions for potential joint ventures.

THE CEO’s VIEW ON THE GLOBAL ECONOMY AND ITS IMPACT TO THE COMPANY

Standard & Poor last year affirmed a stable outlook for Cambodia and praised the country’s economic strategies, pragmatic market friendly directions, and fiscal policy with credit strength. S&P also forecasted Cambodia would maintain real GDP growth of 7% in 2009 (latest Cambodian MOEF forecast is 5%) during the downturn.

Although not spared, the world financial turmoil has relatively less impact on a basic agricultural economy like Cambodia, which is receiving continued assistance from China with less dependence on the depressed economies of the US and Japan.

Cambodians returning to their home country continues unabated as a result of political stability at home and unfavorable conditions in the West.

“NagaCorp has seen and experienced hardships before, like SARs and the Asia Financial Crisis in 1997. Hopefully 2009 will see a stable outlook for NagaCorp,” says TSCLK.

Established in 1995, NagaCorp manages and operates the only licensed casino in Phnom Penh, the capital city of the Kingdom of Cambodia. It owns a casino license valid for 70 years from 1995 up to 2065, and exclusive gaming operational rights within a 200km radius of Phnom Penh (save Cambodia–Vietnam border area, Bokor, Kirirom Mountains and Sihanoukville) for a period of around 41 years between 1995 and 2035. Its flagship project, NagaWorld is an international hotel-casino complex, a first-of-its-kind in Phnom Penh, containing 8-storey entertainment wing and a 14-storey hotel wing with a total built up area of approximately 110,768 sq.m.

Originally posted 2009-02-06 07:39:55. Republished by Blog Post Promoter

• Hong Kong Missing Out on Macau Boom Hong Kongers like to feel superior to vice-ridden Macau. It is time to get over that because when it comes to tourism development, Hong Kong has a lot to learn...
• Philippines Manila Bay Casino City Gets Go Ahead The president of the government-owned gaming company Pagcor has indicated that the mooted Manila Bay casino development is now cleared to go ahead, and a UK-based casino operator this week...
• Sands plans extravagant casino in Singapore Sands Casino Resort Bethlehem may be the largest development project in the Lehigh Valley, but compared to the company's new casino in Singapore, it looks more like the pool house...

• China's Pollution Problem. Dear EarthTalk: Has China been making any progress reducing its output of global warming gases, and/or in tackling other environmental problems? Decades of rapid-fire development and lack of government oversight...
• China tops U.S. as largest auto market in ’09 [/caption] Beijing total vehicle sales hit 13.6 million — a 45 percent growth over 2008 BEIJING - China overtook the United States as the biggest auto market in 2009 and...
• Best Free iPod touch apps – Weekly Updates [/caption] Post Title R.O.S.M. Revenge of the Summon Monsters Review iPhone App: Designed for iPhone, compatible with iPad May 13th, 2010 by Ryan Wood Our rating: ★★★½☆ :: EXCEEDS EXPECTATIONS...