Inside Asian Gaming

IAG AUG 2020年8月 亞博匯 30 COVER STORY 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. 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