• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 3 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

NagaCorp to delay US$3.5 billion Naga 3 expansion by four years until 2029

Ben Blaschke by Ben Blaschke
Mon 5 Jun 2023 at 06:05
Re-enter the dragon
56
SHARES
1.4k
VIEWS
Print Friendly, PDF & Email

The scheduled completion date for NagaCorp’s US$3.5 billion Naga 3 expansion of its integrated resort NagaWorld in Phnom Penh, Cambodia, has been extended by four years as the company looks to rein in its capital expenditure in the wake of the COVID-19 pandemic.

NagaCorp has also flagged a potential reduction in the size and scale of the development.

Details of the amended development terms were outlined in an overnight filing in which NagaCorp revealed that it has entered into an agreement with its contractor which updates the completion date of the original Design and Build Agreement from 30 September 2025 until 30 September 2029. The agreement is also subject to other further adjustments as mutually agreeable between Naga 3 Company Limited and the contractor, the company explained.

According to NagaCorp, the extended deadline was necessary “in view of the external geopolitical macroeconomic environment and the stiff global inflationary pressures.”

As such, “the company is carefully and seriously considering options of developing Naga 3 matching revenue generation with capex expenditure, and such options shall include [a] project resize.”

NagaCorp did, however, insist it remains confident that it can fulfil all of its financial obligations and that “up to date, the fundamentals and the directions of the company remain unchanged.”

The extension comes after ratings agency Moody’s Investors Service warned late last year that NagaCorp was facing a default on US$421.7 million in outstanding notes due in July 2024, despite undertaking an offer at that time to repurchase up to US$120 million of the outstanding notes.

Moody’s said it was particularly concerned over NagaCorp’s access to potential sources of funding given NagaWorld’s “slow recovery”.

“NagaCorp’s operating performance is recovering following pandemic-related disruptions last year, however, we expect EBITDA in 2022 and 2023 to remain well below that of 2019,” Moody’s analysts wrote in November.

“Consequently, we expect the company is likely to require external financing to repay its outstanding notes. However, its ability to raise external financing is difficult because of the tight funding conditions prevailing in the current economic environment.

“At the same time, NagaCorp has limited sources of liquidity because of its lack of bank facilities and divestible noncore assets.”

NagaCorp more recently reported gross gaming revenues at its Cambodian integrated resort of US$117 million in the three months to 31 March 2023, with mass market volumes reaching 81% of pre-COVID levels.

RelatedPosts

Sons of NagaCorp founder Chen Lip Keong join Forbes list of Malaysia’s richest

Surging mass market sees NagaCorp gaming revenues, profit enjoy double-digit growth in 1H25

Tue 26 Aug 2025 at 05:30
Vietnam asks PM to grant approval for US$2 billion Van Don casino development in Quang Ninh province

Local developer Sun Group approved to develop new US$2 billion integrated resort with locals gaming in Quang Ninh Province

Mon 18 Aug 2025 at 12:33
Donaco looks inward as Lee Bug Huy named new CEO

Donaco’s Star Vegas impacted by Thai border closures in June quarter as revenue, profit falls

Wed 30 Jul 2025 at 10:32
Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Tue 22 Jul 2025 at 05:21
Load More
Tags: Cambodiadevelopmentexpansionintegrated resortNaga 3NagaCorpNagaWorld
Share22Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR

Related Posts

NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

by Newsdesk
Wed 3 Sep 2025 at 16:46

As part of its commitment to uplifting communities through meaningful service, NUSTAR Resort & Casino Cebu participated in this year’s Brigada Eskwela 2025 with an outreach activity held on 8 August at Vicenta A. Manreal Elementary School in Pooc, Talisay...

Ng Wai Han named as first ever female director of Macau’s gaming regulator

Staffing ratio of locals within Macau’s gaming industry in focus as DICJ promotes two more department heads from Labour Affairs Bureau

by Pierce Chan
Wed 3 Sep 2025 at 14:26

According to the Official Gazette of the Macao SAR Government, three departmental heads at the Gaming Inspection and Coordination Bureau (DICJ) have recently been replaced. Two of the newly appointed directors previously served for many years at the Labour Affairs...

Deliver premium live casino experiences that boost revenue

Deliver premium live casino experiences that boost revenue

by Newsdesk
Wed 3 Sep 2025 at 11:53

For online casino operators and live studios, understanding the key components of an exceptional player experience is crucial for standing out in a competitive market. By blending immersive streaming environments with interactive social features, you create an engaging and personalized...

IAG announces Studio City’s Blind Tiger at W Hotel as Venue for Macau After Dark 24 on Thursday 29 August 2024

Moody’s: Melco to significantly reduce leverage through end-2026 on solid revenue growth, profitability

by Ben Blaschke
Wed 3 Sep 2025 at 06:29

Macau’s Melco Resorts & Entertainment is expected to reduce its operating leverage, calculated as Adjusted DEBT/EBITDA, from around 6.7x as of 30 June 2025 to around 5.4x in 2026 due to a continued increase in its revenues and profits. The...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English