NagaCorp pushes back Naga 3 completion

Cambodian gaming operator NagaCorp is pushing back the completion date of its $3.5bn Naga 3 project in Phnom Penh by four years to September 2029.

In a stock exchange filing on Sunday, NagaCorp indicated that the group was “seriously considering options of developing Naga 3 matching revenue generation with capex expenditure.” This includes a project resize.

The group on Saturday entered into a supplemental agreement to adjust the completion date of the Design and Build Agreement to “on or before September 30, 2029, subject to other further adjustments which may be mutually agreeable between Naga 3 and the contractor.”

The group notes that the date change is “in view of the external geopolitical macroeconomic environment and the stiff global inflationary pressures.”

The third phase of NagaWorld is expected to elevate the resorts offerings to 5,000 hotel rooms, 1,300 gaming tables and 4,500 electronic gaming machines, with 93 per cent of the floor space to be devoted to non-gaming. The initial projected cost for the Naga 3 extension was $3.5bn.

Source: Asia Gaming Brief