A group of four investors will get a 30% share in the take from 300 slot machines at NagaWorld in Phnom Penh, Cambodia over the next 10 years for a stake of $40 million. The “negotiation fee” was already promised by one of the parties just to enter talks for the deal. Another $10 million will be deposited later to buy state of the art gaming machines.
NagaWorld has enjoyed rising revenues with an influx of visitors from China and is expanding operations. The casino’s parent company holds a 70 year casino license which is not set to expire until 2065 as well as a monopoly on casino operations within a a 200 kilometer radius of Cambodia’s capital, Phnom Penh. A captive market until 2035.
In addition to a repurposed lobby area (the new slots hall where the aforementioned machines will reside) a shopping arcade is being built called NagaCity Walk that will be open next year. The retail and public space will connect NagaWorld with their new development, Naga2 which will have as many as 300 tables and 500 more gaming machines. Naga2 is expected to open in 2017.
The four investors in the deal for 300 slots are C.M.C Phnom Penh Import Export, CMC Phnom Penh Import Export Co Ltd., Jin He Tai Construction Co Ltd; all of Cambodia and the owner of Central Asia Group Co Ltd., refered to only as “Jinfu”, of Guangdong, China.