• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 5 March 2021
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • NEWS
    Melco says Cyprus integrated resort now scheduled to open in mid-2022

    Melco says Cyprus integrated resort now scheduled to open in mid-2022

    Pronet Gaming inks deal to add 12 TVBET games to platform

    Pronet Gaming inks deal to add 12 TVBET games to platform

    Taiwanese authorities charge 32 people with laundering US$4.4 billion via massive online gambling operation

    Taiwanese authorities charge 32 people with laundering US$4.4 billion via massive online gambling operation

    Landing says losses to fall for FY20 but unsure if stolen casino funds recoverable

    Questions raised over sale of football club Wigan Athletic by Hong Kong’s International Entertainment Corp

    Stanley Choi offloads 19% of stake in International Entertainment Corp to company CEO

    Going Global

    Crown receives formal notice that Melbourne license review suspended for Royal Commission

    Trending Tags

    • FEATURES
      Uneasy alliance

      Uneasy alliance

      Turning RG Japanese

      Turning RG Japanese

      2021: Japan IR – Crunch time part 2

      2021: Japan IR – Crunch time part 2

      Diving into digital

      Diving into digital

      10 years ago: Many happy returns

      10 years ago: Many happy returns

      RG and the  player journey

      RG and the player journey

      Trending Tags

      • PEOPLE
        Home is where the heart is

        Home is where the heart is

        Dave Smith: Smell of success

        Dave Smith: Smell of success

        Scientific Games insists liquidity position strong after adding US$480 million in debt, cutting costs

        Scientific Games appoints Eileen Moore Johnson as Executive Vice President and Chief Human Resources Officer

        Creation theory

        Creation theory

        Paltronics announces passing of Stephen Cowan, much-admired Managing Director

        Paltronics announces passing of Stephen Cowan, much-admired Managing Director

        Dark days

        POST-COVID2: The most transformative business shock of our lifetimes

        Trending Tags

        • COLUMNISTS
          Gateway to Japan

          OPINION: Japan seeking its pound of flesh

          Memories of the man that was Sheldon Adelson

          Memories of the man that was Sheldon Adelson

          Big money

          A decade of differentiation

          A decade of differentiation

          How to set up for IR success

          How to set up for IR success

          Macau: Taking a sensible approach to responsible gaming

          Macau: Taking a sensible approach to responsible gaming

          Trending Tags

          • TECH TALK
            Scientific Games granted approval for release of third Duo Fu Duo Cai game into Asia

            Scientific Games granted approval for release of third Duo Fu Duo Cai game into Asia

            Aristocrat launches new MarsX Portrait cabinet

            Aristocrat launches new MarsX Portrait cabinet

            Cat call

            Cat call

            Asia Pioneer Entertainment keeping up the pace in challenging times

            Asia Pioneer Entertainment keeping up the pace in challenging times

            Two more TVBET card games granted GLI certification

            Two more TVBET card games granted GLI certification

            Scientific Games granted approval for latest Jin Ji Bao Xi game “Singing Cats”

            Scientific Games granted approval for latest Jin Ji Bao Xi game “Singing Cats”

            Trending Tags

            • iGAMING
              TVBET expands through Alavara Digital partnership

              TVBET expands through Alavara Digital partnership

              Live-games integration as an effective marketing tool for increasing bets

              TVBET to enter the Montenegro iGaming market

              Manila restrictions ease as Duterte implements General Community Quarantine for National Capital Region

              Philippine police arrest eight alleged members of POGO-linked “kidnap for ransom” gang

              PAGCOR reveals substantial POGO revenue rise in 2018 as enforcement role defended

              Philippines court order preventing new 5% franchise tax could halt POGO exodus

              MGM Resorts looking to raise US$750 million via senior notes offering

              MGM Resorts considering US$13 billion takeover offer for Ladbrokes owner Entain

              Evolution launches world’s first online live Craps game

              Evolution launches world’s first online live Craps game

              Trending Tags

              • EVENTS
                Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                Macau Wine & Dine returns this week with unique tasting event at Artyzen Grand Lapa Macau

                Macau Wine & Dine returns this week with unique tasting event at Artyzen Grand Lapa Macau

                Inside Asian Gaming names Portucau as venue for Macau After Dark 8 on 5 March 2021

                Inside Asian Gaming names Portucau as venue for Macau After Dark 8 on 5 March 2021

                Winter wonderland

                Clarion Gaming cancels this year’s ICE London

                AIGF leaders join SBC Digital India’s high-level speaker line-up

                AIGF leaders join SBC Digital India’s high-level speaker line-up

                Winter wonderland

                Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

                Trending Tags

                • MACAU
                  Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                  Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                  Analysts agree VIP sector woes to remain for years to come

                  Macau government sees gaming tax revenue fall 63.6% year-on-year in January

                  4Q20 key metrics for Macau gaming companies

                  4Q20 key metrics for Macau gaming companies

                  Closing all borders not an option despite government order to shutter 41 Macau casinos for 15 days

                  Macau casinos to no longer require negative COVID-19 test result for entry

                  IAG welcomes sponsors and supporters ahead of Macau After Dark 8

                  IAG welcomes sponsors and supporters ahead of Macau After Dark 8

                  Occupancy rate of Macau hotels falls to 40.3% in January

                  Occupancy rate of Macau hotels falls to 40.3% in January

                  Trending Tags

                  • JAPAN
                    Las Vegas Sands unlikely to return to Japan despite potential Tokyo lure

                    Japanese Minister says interest of foreign companies shows Japan’s IRs will be profitable

                    IAG Vice Chairman and CEO Andrew W Scott among speakers as Nagasaki hosts first symposium on international tourism HR development

                    IAG Vice Chairman and CEO Andrew W Scott among speakers as Nagasaki hosts first symposium on international tourism HR development

                    Gateway to Japan

                    Pixel Companyz reports US$8.8 million loss in FY20 but confident in revenue potential of Nagasaki IR

                    Pixel Companyz recruits Japanese Olympic gymnast Kohei Uchimura as ambassador for Nagasaki IR bid

                    Pixel Companyz recruits Japanese Olympic gymnast Kohei Uchimura as ambassador for Nagasaki IR bid

                    Akimoto arrested for fourth time in Japan IR bribery case

                    Trial of Japanese politician Tsukasa Akimoto on bribery charges set for 29 March

                    Lawrence Ho says Melco’s China ties will drive Japanese IR growth

                    Lawrence Ho says Melco still committed to Japan but looking for the “right opportunity”

                    Trending Tags

                    • REGIONAL
                      • All
                      • Africa
                      • Australia
                      • Cambodia
                      • China
                      • CNMI
                      • Europe
                      • Hong Kong
                      • India
                      • Japan
                      • Laos
                      • Latin America
                      • Macau
                      • Malaysia
                      • Nepal
                      • New Zealand
                      • North America
                      • North Korea
                      • Philippines
                      • Russia
                      • Singapore
                      • South Korea
                      • Sri Lanka
                      • Thailand
                      • Vietnam
                      Melco says Cyprus integrated resort now scheduled to open in mid-2022

                      Melco says Cyprus integrated resort now scheduled to open in mid-2022

                      Pronet Gaming inks deal to add 12 TVBET games to platform

                      Pronet Gaming inks deal to add 12 TVBET games to platform

                      Landing says losses to fall for FY20 but unsure if stolen casino funds recoverable

                      Questions raised over sale of football club Wigan Athletic by Hong Kong’s International Entertainment Corp

                      Stanley Choi offloads 19% of stake in International Entertainment Corp to company CEO

                      Going Global

                      Crown receives formal notice that Melbourne license review suspended for Royal Commission

                      Proposal submitted for new US$2 billion casino resort development in Vietnam’s Khanh Hoa Province

                      Proposal submitted for new US$2 billion casino resort development in Vietnam’s Khanh Hoa Province

                      Trending Tags

                      • POWER 50
                        2020 Asian Gaming Power 50: Top of the World

                        Singapore Court of Appeals denies Bloomberry’s latest appeal in long-running battle with GGAM over terminated Solaire agreement

                        Power restored

                        Power restored

                        2020 Asian Gaming Power 50: Top of the World

                        2020 Asian Gaming Power 50: Top of the World

                        2020 Asian Gaming Power 50: Meet the panel

                        2020 Asian Gaming Power 50: Meet the panel

                        2020 Asian Gaming Power 50: Ones to watch

                        2020 Asian Gaming Power 50 list

                        2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                        2020 Asian Gaming Power 50: Number 1 – Francis Lui

                        Trending Tags

                        • 中文
                        • 日本語
                        No Result
                        View All Result
                        IAG
                        • NEWS
                          Melco says Cyprus integrated resort now scheduled to open in mid-2022

                          Melco says Cyprus integrated resort now scheduled to open in mid-2022

                          Pronet Gaming inks deal to add 12 TVBET games to platform

                          Pronet Gaming inks deal to add 12 TVBET games to platform

                          Taiwanese authorities charge 32 people with laundering US$4.4 billion via massive online gambling operation

                          Taiwanese authorities charge 32 people with laundering US$4.4 billion via massive online gambling operation

                          Landing says losses to fall for FY20 but unsure if stolen casino funds recoverable

                          Questions raised over sale of football club Wigan Athletic by Hong Kong’s International Entertainment Corp

                          Stanley Choi offloads 19% of stake in International Entertainment Corp to company CEO

                          Going Global

                          Crown receives formal notice that Melbourne license review suspended for Royal Commission

                          Trending Tags

                          • FEATURES
                            Uneasy alliance

                            Uneasy alliance

                            Turning RG Japanese

                            Turning RG Japanese

                            2021: Japan IR – Crunch time part 2

                            2021: Japan IR – Crunch time part 2

                            Diving into digital

                            Diving into digital

                            10 years ago: Many happy returns

                            10 years ago: Many happy returns

                            RG and the  player journey

                            RG and the player journey

                            Trending Tags

                            • PEOPLE
                              Home is where the heart is

                              Home is where the heart is

                              Dave Smith: Smell of success

                              Dave Smith: Smell of success

                              Scientific Games insists liquidity position strong after adding US$480 million in debt, cutting costs

                              Scientific Games appoints Eileen Moore Johnson as Executive Vice President and Chief Human Resources Officer

                              Creation theory

                              Creation theory

                              Paltronics announces passing of Stephen Cowan, much-admired Managing Director

                              Paltronics announces passing of Stephen Cowan, much-admired Managing Director

                              Dark days

                              POST-COVID2: The most transformative business shock of our lifetimes

                              Trending Tags

                              • COLUMNISTS
                                Gateway to Japan

                                OPINION: Japan seeking its pound of flesh

                                Memories of the man that was Sheldon Adelson

                                Memories of the man that was Sheldon Adelson

                                Big money

                                A decade of differentiation

                                A decade of differentiation

                                How to set up for IR success

                                How to set up for IR success

                                Macau: Taking a sensible approach to responsible gaming

                                Macau: Taking a sensible approach to responsible gaming

                                Trending Tags

                                • TECH TALK
                                  Scientific Games granted approval for release of third Duo Fu Duo Cai game into Asia

                                  Scientific Games granted approval for release of third Duo Fu Duo Cai game into Asia

                                  Aristocrat launches new MarsX Portrait cabinet

                                  Aristocrat launches new MarsX Portrait cabinet

                                  Cat call

                                  Cat call

                                  Asia Pioneer Entertainment keeping up the pace in challenging times

                                  Asia Pioneer Entertainment keeping up the pace in challenging times

                                  Two more TVBET card games granted GLI certification

                                  Two more TVBET card games granted GLI certification

                                  Scientific Games granted approval for latest Jin Ji Bao Xi game “Singing Cats”

                                  Scientific Games granted approval for latest Jin Ji Bao Xi game “Singing Cats”

                                  Trending Tags

                                  • iGAMING
                                    TVBET expands through Alavara Digital partnership

                                    TVBET expands through Alavara Digital partnership

                                    Live-games integration as an effective marketing tool for increasing bets

                                    TVBET to enter the Montenegro iGaming market

                                    Manila restrictions ease as Duterte implements General Community Quarantine for National Capital Region

                                    Philippine police arrest eight alleged members of POGO-linked “kidnap for ransom” gang

                                    PAGCOR reveals substantial POGO revenue rise in 2018 as enforcement role defended

                                    Philippines court order preventing new 5% franchise tax could halt POGO exodus

                                    MGM Resorts looking to raise US$750 million via senior notes offering

                                    MGM Resorts considering US$13 billion takeover offer for Ladbrokes owner Entain

                                    Evolution launches world’s first online live Craps game

                                    Evolution launches world’s first online live Craps game

                                    Trending Tags

                                    • EVENTS
                                      Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                                      Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                                      Macau Wine & Dine returns this week with unique tasting event at Artyzen Grand Lapa Macau

                                      Macau Wine & Dine returns this week with unique tasting event at Artyzen Grand Lapa Macau

                                      Inside Asian Gaming names Portucau as venue for Macau After Dark 8 on 5 March 2021

                                      Inside Asian Gaming names Portucau as venue for Macau After Dark 8 on 5 March 2021

                                      Winter wonderland

                                      Clarion Gaming cancels this year’s ICE London

                                      AIGF leaders join SBC Digital India’s high-level speaker line-up

                                      AIGF leaders join SBC Digital India’s high-level speaker line-up

                                      Winter wonderland

                                      Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

                                      Trending Tags

                                      • MACAU
                                        Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                                        Inside Asian Gaming to introduce unique event concept for Macau After Dark 8 at Portuguese restaurant Portucau

                                        Analysts agree VIP sector woes to remain for years to come

                                        Macau government sees gaming tax revenue fall 63.6% year-on-year in January

                                        4Q20 key metrics for Macau gaming companies

                                        4Q20 key metrics for Macau gaming companies

                                        Closing all borders not an option despite government order to shutter 41 Macau casinos for 15 days

                                        Macau casinos to no longer require negative COVID-19 test result for entry

                                        IAG welcomes sponsors and supporters ahead of Macau After Dark 8

                                        IAG welcomes sponsors and supporters ahead of Macau After Dark 8

                                        Occupancy rate of Macau hotels falls to 40.3% in January

                                        Occupancy rate of Macau hotels falls to 40.3% in January

                                        Trending Tags

                                        • JAPAN
                                          Las Vegas Sands unlikely to return to Japan despite potential Tokyo lure

                                          Japanese Minister says interest of foreign companies shows Japan’s IRs will be profitable

                                          IAG Vice Chairman and CEO Andrew W Scott among speakers as Nagasaki hosts first symposium on international tourism HR development

                                          IAG Vice Chairman and CEO Andrew W Scott among speakers as Nagasaki hosts first symposium on international tourism HR development

                                          Gateway to Japan

                                          Pixel Companyz reports US$8.8 million loss in FY20 but confident in revenue potential of Nagasaki IR

                                          Pixel Companyz recruits Japanese Olympic gymnast Kohei Uchimura as ambassador for Nagasaki IR bid

                                          Pixel Companyz recruits Japanese Olympic gymnast Kohei Uchimura as ambassador for Nagasaki IR bid

                                          Akimoto arrested for fourth time in Japan IR bribery case

                                          Trial of Japanese politician Tsukasa Akimoto on bribery charges set for 29 March

                                          Lawrence Ho says Melco’s China ties will drive Japanese IR growth

                                          Lawrence Ho says Melco still committed to Japan but looking for the “right opportunity”

                                          Trending Tags

                                          • REGIONAL
                                            • All
                                            • Africa
                                            • Australia
                                            • Cambodia
                                            • China
                                            • CNMI
                                            • Europe
                                            • Hong Kong
                                            • India
                                            • Japan
                                            • Laos
                                            • Latin America
                                            • Macau
                                            • Malaysia
                                            • Nepal
                                            • New Zealand
                                            • North America
                                            • North Korea
                                            • Philippines
                                            • Russia
                                            • Singapore
                                            • South Korea
                                            • Sri Lanka
                                            • Thailand
                                            • Vietnam
                                            Melco says Cyprus integrated resort now scheduled to open in mid-2022

                                            Melco says Cyprus integrated resort now scheduled to open in mid-2022

                                            Pronet Gaming inks deal to add 12 TVBET games to platform

                                            Pronet Gaming inks deal to add 12 TVBET games to platform

                                            Landing says losses to fall for FY20 but unsure if stolen casino funds recoverable

                                            Questions raised over sale of football club Wigan Athletic by Hong Kong’s International Entertainment Corp

                                            Stanley Choi offloads 19% of stake in International Entertainment Corp to company CEO

                                            Going Global

                                            Crown receives formal notice that Melbourne license review suspended for Royal Commission

                                            Proposal submitted for new US$2 billion casino resort development in Vietnam’s Khanh Hoa Province

                                            Proposal submitted for new US$2 billion casino resort development in Vietnam’s Khanh Hoa Province

                                            Trending Tags

                                            • POWER 50
                                              2020 Asian Gaming Power 50: Top of the World

                                              Singapore Court of Appeals denies Bloomberry’s latest appeal in long-running battle with GGAM over terminated Solaire agreement

                                              Power restored

                                              Power restored

                                              2020 Asian Gaming Power 50: Top of the World

                                              2020 Asian Gaming Power 50: Top of the World

                                              2020 Asian Gaming Power 50: Meet the panel

                                              2020 Asian Gaming Power 50: Meet the panel

                                              2020 Asian Gaming Power 50: Ones to watch

                                              2020 Asian Gaming Power 50 list

                                              2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                                              2020 Asian Gaming Power 50: Number 1 – Francis Lui

                                              Trending Tags

                                              • 中文
                                              • 日本語
                                              No Result
                                              View All Result
                                              IAG
                                              No Result
                                              View All Result

                                              Re-enter the dragon

                                              Muhammad Cohen by Muhammad Cohen
                                              Monday 3 August 2020 at 23:34
                                              Re-enter the dragon
                                              207
                                              SHARES
                                              4.1k
                                              VIEWS
                                              Print Friendly, PDF & Email

                                              Promising Cambodia’s tallest building, sky high swimming and landmark VIP play, NagaCorp remains committed to US$3.5 billion Naga3 despite COVID-19.

                                              NagaCorp declares it is proceeding “full steam ahead” with Naga3, its bid to vault into the top tier of the world’s integrated resorts. Even with COVID-19 closing NagaWorld’s casino floor from 1 April through 7 July and likely breaking its streak of rising gaming revenue, EBITDA and profits, company officials remain committed to the US$3.5 billion integrated resort extension overlooking the Mekong River in Phnom Penh.

                                              Information obtained by Inside Asian Gaming from NagaCorp executives requesting anonymity reveals key aspects of Naga3, though officials caution that many details are still subject to change as planning evolves. Renowned resort architects Steelman Partners, skyscraper experts Skidmore, Owings & Merrill, local architects and NagaCorp are working together to finalize the design.

                                              Upon completion scheduled for 2025, Naga3 will expand the NagaWorld complex total to 5,000 rooms, 1,300 gaming tables and 4,500 electronic gaming machines. Cambodia’s government is rewarding the investment with a 10 year extension of NagaCorp’s Phnom Penh monopoly to 2045; its gaming license runs to 2065.

                                              Some industry observers question the scale of Naga3, adding some 3,500 guest rooms, 700 tables and 2,000 gaming machines. Others doubt the wisdom of betting against Naga and its founder Chen Lip Keong, whose fortune of more than US$4 billion, according to Forbes, largely derives from owning nearly two-thirds of NagaCorp’s Hong Kong listed shares. Dr Chen – he earned a medical degree and briefly practiced before finding his calling in business – has this year added more than 28 million NagaCorp shares to his holding at a cost in excess of US$35 million, and he’s pledged to finance half of Naga3 from his own pocket.

                                              “Cambodia remains one of the most ideal supplements to Macau for junkets operators and premium players, in terms of providing nearly all the elements that would be wishful thinking in Macau: much lower tax rates, a lenient regulatory environment, off Beijing’s radar – to some extent, but certainly ‘more off’ than Macau – cheaper labor cost but diligent workforce,” The Innovation Group’s Senior Vice President Michael Zhu says. “Additionally, NagaCorp has seamlessly avoided the pitfalls of online gambling [which Cambodia banned at China’s behest last year] and managed to extend its casino monopoly in Phnom Penh for another 10 years, all of which contributes to a pretty bright outlook for the company.”

                                              1. Sky Street. An Exclusive Gaming Experience with River and City view

                                              WINNING STREAK

                                              From 2014 through the end of 2019, NagaCorp’s revenue more than quadrupled to US$1.76 billion, net profit more than tripled to US$521 million and EBITDA nearly quadrupled to US$671 million, a compound annual growth rate of more than 30% in each category. The biggest jumps have taken place since Naga2 opened in November 2017, with VIP revenue more than doubling through last year and mass GGR up 58%. Executives emphasize that mass play accounts for a majority of profits.

                                              “Clearly, Naga2 has been a smashing success and has allowed the company to target not only higher-quality VIP players, but also the so-called premium mass segment that historically would patronize jurisdictions like Macau and Singapore,” Union Gaming Head of Institutional Research John DeCree says. “Naga3 will give the company a full complement of amenities that would allow it to appeal to all gaming customer segments, which coupled with the growing base of tourism, should result in Naga remaining the fastest growing gaming company globally.”

                                              “Naga3 absolutely makes sense,” longtime Southeast Asia gaming executive Michael Gore says. “You can really go after a lot of premium ASEAN players. Unlike Sihanoukville, they don’t need to rely on China.”

                                              Originally announced as five towers, the revised design for Naga3 sports a 75 story tower, the tallest in Cambodia, and two 61 story towers set in a public park covering the 1.2 hectare (3 acre) site. The new version creates a four level upper podium, dubbed Sky Street, linking the tops of the lower towers to the tallest one. Two levels will have VIP gaming with the rest reserved “as a huge recreational area, likened to the swimming pool areas of Marina Bay Sands Singapore, overlooking the romantic Mekong River and the entire city below,” according to NagaCorp documents.

                                              The pool area will primarily occupy the rooftops of the lower towers and connect to the higher tower. The mix of outdoor and indoor recreational space depends on upcoming wind test results, company officials say, noting that flat topography around Phnom Penh increases high wind risks at elevation.

                                              2. The City Room. Phnom Penth’s Highest Point.

                                              Four levels of VVIP gaming areas will crown the tallest tower. That area will be illuminated as a lantern, beams adjusted depending on the time of day. Given that Naga translates as gold in a number of Chinese dialects – in Hindu mythology, Naga is a serpent and it carries that meaning or “dragon” in many Southeast Asia languages – expect a gilded hue snaking across the skies above the Cambodian capital.

                                              STREETSCAPE

                                              The towers will be joined across a lower podium employing what NagaCorp terms a series of horizontal and vertical “streets” with a mix of dining, lifestyle and entertainment options in an “urban oasis” that “invites the local ecology inside.” Exterior capsule elevators will provide access to upper levels.

                                              Naga3 will be linked to the existing complex by an extension of NagaCity Walk, the retail and entertainment area spanning 260 meters (853 feet) between Naga1 and Naga2. The projected additional distance to Naga3 is 480 meters. Naga says there will be underground and above ground transport between the nodes, possibly “a very futuristic transportation network,” according to Steelman Partners CEO Paul Steelman.

                                              Financing for Naga3 follows the game plan for Naga2, where Dr Chen paid the US$392 million construction cost in exchange for shares. He has agreed to finance half of Naga3’s $3.5 billion cost in exchange for 1.14 billion company shares, a deal shareholders (excluding Dr Chen) approved nearly unanimously last August. Upon completion of the project, Dr Chen, NagaCorp’s CEO, will own 73% of the expanded company share base. Remaining development costs are expected to come from retained earnings, though last month Naga completed a US$350 million senior note offering, underscoring its ability to tap global debt markets.

                                              3. The Forest Street. An Extension of the Park Offering Amenities, Nature and Art.

                                              Departing from the first two NagaWorld blocks, Naga3 will feature international hotel brands. Current plans, awaiting contract signings, call for three widely recognized luxury marques, all new to Phnom Penh. NagaCorp officials confirm plans for international brands, “mainly to create awareness, especially from China,” according to one executive.

                                              REVENUE GENERATING SPACE

                                              What NagaCorp terms its “refined” Naga3 design cuts the number of hotel rooms by 1,200 from the original plan, while maintaining or even slightly increasing the 544,801 square meters (5.86 million square feet) of building area approved by shareholders. NagaCorp anticipates replacing guest rooms with more “revenue generating space,” including the Sky Street recreation and high-end gaming areas, though casino space will comprise no more than 7% of the IR’s built area.

                                              Hong Kong Stock Exchange filings indicate Naga3 “will host a diverse mix of activities for families and guests – including hospitality, dining, conferencing and theme park areas,” but the company remains tight-lipped about specifics.

                                              “I believe that the proposed uses in Naga 3 will fill the building with energy and income-producing spaces for all demographics,” Steelman, whose firm has been assigned interior architecture and design, says.

                                              “Dr Chen has so many great ideas; he is an innovator in the integrated resort industry and Naga 3 will be his crown jewel,” Steelman adds. “In discussing Naga 3 with Dr Chen’s operational team, the built-up excitement reminds me of our first meetings in 1986 with Steve [Wynn] and the Mirage. Steve and Dr Chen dreamed and planned in their mind what a perfect resort could be for many years.”

                                              RelatedPosts

                                              NagaCorp confirms full gaming operations now up and running at NagaWorld

                                              Cambodia’s NagaWorld suspends operations after 11 staff test positive for COVID-19

                                              Tuesday 2 March 2021 at 06:13
                                              Uneasy alliance

                                              Uneasy alliance

                                              Thursday 11 February 2021 at 11:44
                                              Turning RG Japanese

                                              Turning RG Japanese

                                              Thursday 11 February 2021 at 10:55
                                              Home is where the heart is

                                              Home is where the heart is

                                              Wednesday 10 February 2021 at 10:52
                                              Load More

                                              Naga3 presents significant development challenges. At 544,801 square meters, the new IR will have nearly as much gross floor area as Marina Bay Sands at 581,400 square meters, shoehorned into a 1.2 hectare site, compared with the 15.5 hectare plot for MBS.

                                              “Naga 3 is a very large building uniquely designed to fit into the urban fabric of Phnom Penh,” Steelman, architect for Naga2, says. “It is designed on a relatively small parcel of property when compared to an integrated resort in Las Vegas or Macau. But its property is very large for being in the urban and commercial center of Cambodia.”

                                              The architect compares Naga3’s vertical design to Galaxy Entertainment’s StarWorld on the Macau peninsula, one of the world’s highest grossing facilities in terms of built area.

                                              VISIT OR STAY?

                                              Design adjustments to Naga3 may also reflect changing realities in Phnom Penh. International visitors to Cambodia topped 6.6 million last year, a 6.6% increase, according to the Ministry of Tourism. Business related visits more than doubled to top 1.3 million, three-quarters of it from China, as Cambodia is seen as a key link in the Belt and Road Initiative, plus strong growth from Thailand, Indonesia and Dr Chen’s native Malaysia.

                                              Accompanying visitor expansion is a growing expat business community in Phnom Penh of more than 100,000. What local media terms a burgeoning “Chinatown” has mushroomed on Naga’s doorstep. NagaCorp executives credit expats with fueling business since the casino reopened on 8 July with a lion dance and customers lining up to enter.

                                              NagaCorp officials emphasize NagaWorld was never fully closed. Cambodia has been relatively lightly touched by COVID-19, with just 171 cases reported as of mid-July, and some visitors have chosen to wait out the virus there rather than returning to harder hit countries. Cambodia’s borders also never closed, although visitor entry requires coronavirus test results, quarantine for 14 days and medical insurance coverage of at least US$50,000. Despite those barriers, visitors have trickled into the kingdom.

                                              To serve those groups, Naga’s hotel facilities remained open after the 1 April casino closure, with 10% to 20% hotel occupancy reported. Government mandated the closure of spas, bars, night clubs and karaoke, but Naga’s retail stores and some restaurants also remained open. Naga executives say they ran those skeleton operations with health and safety measures that gave the resort and Cambodia’s Ministry of Health a template for reopening the casino.

                                              SAFETY FIRST

                                              Under the reopening, all employees and guests are temperature screened and required to wear masks. Table games were initially restricted to VIP areas – open to all at VIP table limits – with a maximum of three seats per table and no standing play permitted. Mass gaming areas were slots only, with alternating positions disabled. On 18 July, Naga gained Ministry of Health permission to resume mass gaming table operations.

                                              Restaurant tables stand 1.5 meters apart, with an overall capacity limit of 50% and no buffets. Disinfection takes place on a strict schedule, with sanitizer stations throughout the property. Naga reserves five isolation rooms for guests experiencing health issues, but they weren’t used during the first weeks of the reopening.

                                              NagaWorld as it stands today, with Naga2 on the right.

                                              “As with all casinos, there is going to be a learning curve on how to optimize revenues. Naga has an astute operations and marketing team and I expect them to figure it out rather quickly,” Klebanow Consulting Principal Andrew Klebanow says.

                                              “Naga is also fortunate in that the Mekong region has had a very low incidence of COVID-19. I expect the governments of Cambodia, Laos, Thailand, Vietnam and Malaysia will develop travel bubbles, where citizens from those nations can travel freely within that bubble. The bubble may also include provinces in China.”

                                              As for Naga3, “COVID brought forward the changes we have anticipated for many years,” Steelman says. “In the past, all our designers had to focus on ‘touch-points’  – now, it’s the ‘non-touch points.’ Dr Chen is fully endorsing an integrated resort with the most innovative features to keep guests safe.”

                                              Those features include room disinfection systems, doors and other room controls operated by guest mobile phones, voice operated elevators and, pending regulatory approval, a digital wallet system developed by Steelman Partners and affiliate Competition Interactive.

                                              NagaCorp Founder and Controlling Shareholder, Dr Chen Lip Keong.

                                              Site preparation for Naga3 continues despite coronavirus. With soil testing completed, the company is preparing tender documents for piling and basement construction, expected to begin later this year and run for 30 months. Requests for interest garnered responses from 18 construction contractors, NagaCorp says, including some Chinese state-owned firms.

                                              “China and Cambodia are like a big brother/little brother relationship that will allow the Naga story to remain attractive,” Union Gaming’s DeCree says. “As Chinese – and non-Chinese – FDI continues to pour into Cambodia, there will be a continued positive effect of creating a ready-made base of expats that are hungry for IR-based activities and entertainment while also lifting the national economy and creating local wealth. Naga’s longer-dated exclusivity will allow it to maintain monopoly control and be the primary beneficiary from a gaming perspective in the whole of Indochina.”

                                              Gaming at Naga2.

                                              Tags: chen lip keongCurrent IssueNaga 3nagacorpNagaWorldPhnom PenhSteelman Partners
                                              Share109Share11
                                              Muhammad Cohen

                                              Muhammad Cohen

                                              Muhammad Cohen is Editor at Large of Inside Asian Gaming, a contributor to Forbes Asia and wrote Hong Kong On Air, a novel set during the 1997 handover about TV news, love, betrayal, high finance and cheap lingerie.

                                              Current Issue

                                              Uneasy alliance

                                              Uneasy alliance

                                              by Tomo Yamamoto
                                              Thursday 11 February 2021 at 11:44

                                              With Yokohama starting its RFP for an IR facility, the local governments in Japan are now out of the starting...

                                              Turning RG Japanese

                                              Turning RG Japanese

                                              by Shintaro Kamimura
                                              Thursday 11 February 2021 at 10:55

                                              In Part 2 of IAG Japan’s interview with Dr Naoyuki Nishimura, he discusses his role as Chairman of JSRG (Japan...

                                              Home is where the heart is

                                              Home is where the heart is

                                              by Ben Blaschke
                                              Wednesday 10 February 2021 at 10:52

                                              Dallas Orchard tells IAG about the career journey that has led him to his new role as IGT’s Chief Operating...

                                              2021: Japan IR – Crunch time part 2

                                              2021: Japan IR – Crunch time part 2

                                              by Andrew W Scott
                                              Tuesday 9 February 2021 at 18:57

                                              In Part 1, the cover story of the IAG January issue, we examined the current state of play of integrated...

                                              Related Posts

                                              Melco says Cyprus integrated resort now scheduled to open in mid-2022

                                              Melco says Cyprus integrated resort now scheduled to open in mid-2022

                                              by Ben Blaschke
                                              Friday 5 March 2021 at 11:28

                                              Melco Resorts & Entertainment says its €550 million Cyprus integrated resort development, City of Dreams Mediterranean, is now on track to open in the northern summer of 2022, faster than earlier estimates of an autumn launch. The new summer date...

                                              Pronet Gaming inks deal to add 12 TVBET games to platform

                                              Pronet Gaming inks deal to add 12 TVBET games to platform

                                              by Newsdesk
                                              Friday 5 March 2021 at 06:34

                                              Live gaming specialist TVBET has signed a new partnership deal with Pronet Gaming that will see 12 new TVBET games added to the platform provider’s portfolio. The deal will see Pronet Gaming granted access to streamed TVBET content, encompassing a...

                                              Landing says losses to fall for FY20 but unsure if stolen casino funds recoverable

                                              by Newsdesk
                                              Friday 5 March 2021 at 06:09

                                              Landing International Development Ltd has issued a profit warning for the year ended 31 December 2020, revealing it expects to record a net loss but that the loss will be reduced versus the previous year. According to a filing with...

                                              Questions raised over sale of football club Wigan Athletic by Hong Kong’s International Entertainment Corp

                                              Stanley Choi offloads 19% of stake in International Entertainment Corp to company CEO

                                              by Ben Blaschke
                                              Friday 5 March 2021 at 05:44

                                              Hong Kong-listed International Entertainment Corp (IEC) has announced the disposal of 260 million shares, representing 18.99% of issued share capital, by Chairman Stanley Choi to a company owned by IEC’s Chief Executive Officer Ho Wong Meng. The transaction will see...

                                              asgam.com website Alexa ranking:

                                              #68988
                                              IAG

                                              © 2005-2021 Inside Asian Gaming. All rights reserved.

                                              • SUBSCRIBE
                                              • NEWS
                                              • FEATURES
                                              • PEOPLE
                                              • COLUMNISTS
                                              • TECH TALK
                                              • iGAMING
                                              • EVENTS
                                              • MACAU
                                              • JAPAN
                                              • REGIONAL
                                              • POWER 50
                                              • 中文
                                              • 日本語

                                              No Result
                                              View All Result
                                              • 中文
                                              • 日本語
                                              • Subscribe
                                              • News
                                              • Features
                                              • People
                                              • Columnists
                                              • Tech Talk
                                              • iGaming
                                              • Events
                                              • Macau
                                              • Japan
                                              • Regional
                                              • Power 50
                                              • Magazines
                                              • Advertise
                                              • Contact
                                              • About
                                              • 中文
                                              • 日本語

                                              © 2005-2021 Inside Asian Gaming. All rights reserved.