Cambodia’s casino monopoly Naga Corp has secured a further 10 year extension of its Phnom Penh casino license.
In an announcement on Tuesday, The casino operator said that it had secured a deal with the Cambodian government extending its casino monopoly within a 200km radius extending from the nation’s capital Phnom Penh for additional 10 years.
Following the 10 year extension, Naga Corp will now have its monopoly until December 31, 2045.
Earlier in the year, Naga Corp. revealed its plans for the ambitious Naga3 project. The company plans to add 4,720 additional hotel rooms with five new towers. It claims that with the latest developments in place NagaWorld Integrated Resort will become the “largest riverine integrated resort in the world.”
The covered area for the project will be 544,801 square meters with two 66-storey hotel towers, two 53-storey hotel towers, a 55-story condotel tower. Besides the venue, the construction will include a three-level basement and a 12-storey podium.
Recently, the casino operator posted a 20.2 percent year-on-year increase in revenue for the first nine months of 2019 to September 30.
In its filing with the Hong Kong stock exchange, the gambling operator reported that it has taken in $1.29 billion in gross gaming revenue (GGR) from January to September, representing a 20.2 percent increase in revenue when compared with the same period the previous year.