CMC Phnom Penh Import Export Co Ltd (CMC) will reportedly tender a $40 million non-refundable negotiation fee to NagaCorp Ltd for the chance to enter into exclusive negotiations to run a slots operation at NagaWorld in Phnom Penh.

The agreement was announced in a filing to the Hong Kong Stock Exchange on Wednesday.

CMC Phnom Penh Import-Export is owned by “a group of independent Chinese businessmen” and was referred by China Central Asia Group (builder of NagaWorld). The $40 million payment comes with no guarantees, and neither party would have any claims against the other were the negotiations to fail.

According to a report in GGRAsia, Union Gaming Research analysts suggest the fee is a replacement for an up-front fee to gain the concession for about 300 slot machines currently being operated by Best Merit. The Best Merit concession is set to expire later this year, according to the report.