Cambodian gambling firm NagaCorp, which holds a government concession to operate the sole casino in Phnom Penh until 2035, intends to quadruple its gaming table capacity using part of the about HK$800 million fund it hopes to raise from its Hong Kong initial public offering.
NagaCorp operates 44 gaming tables and 211 slot machines. The company, controlled by Malaysian businessman Chen Lip Keong, is spending US$90.47 million on an expansion that will boost the number of gaming tables to 176 and add a 508-room hotel when completed by the end of next year.
The development will also feature new restaurants and nightclubs, a spa and retail space.
Eighty-four tables will be designated for walk-in foreign customers (Cambodians are banned from table games), with the remaining 92 reserved for high-stakes players.
The company will spend another US$5 million on casino equipment.
In the first five months of this year, revenue from high-stakes players reached US$22.2 million, or 58.4 per cent of total turnover at the firm's casino, Nagaworld. Mainland customers accounted for 36 per cent of VIP chip purchases, followed by Malaysians at 32 per cent and Singaporeans at 19 per cent.