NagaCorp’s planned Naga3 development will add an extra 4,720 hotel rooms across five new towers in what will see Cambodian IR NagaWorld become the “largest riverine integrated resort in the world.”
Plans for NagaWorld’s planned Phase 3 development were revealed by NagaCorp overnight in a detailed outline of its ongoing expansion. Notably, NagaCorp expects to fulfil around 4.7% of the Cambodia government’s ambition to add 100,000 new hotel rooms in Phnom Penh by 2028.
Covering a gross floor area of 544,801 square meters, Naga3 will incorporate two 66-storey hotel towers, two 53-storey hotel towers, a 55-storey condotel tower, a three level basement and a 12-storey podium.
“The Naga3 Project will showcase a lifestyle product consisting of gaming and non-gaming spaces and comprise amenities and facilities which are not available at Naga1 and Naga2, notably hi-tech virtual reality interactive indoor theme parks, more shopping and MICE facilities and family recreational areas to impart a more satisfying, penetrating and complete visitation experience,” NagaCorp said.
The project is again being designed by Steelman Partners, while the hotels are set to be managed by one or more well-known international hotel brands.
“The company anticipates that these branded resorts will feature the finest quality of any hotels in Asia,” it added.
NagaCorp, which holds a 70-year monopoly on casino operations in Phnom Penh through to 2065, has no restrictions on its gaming space, number of tables or number of EGMs under its casino license, with Naga3 to add up to 800 more gaming tables and 2,500 EGMs to its current supply.
The company said it recently purchased an extra 9,080 square meters of land alongside adjacent land already held for the development of Naga3, which will be connected to both Naga1 and Naga2, and has already been granted government approval to proceed.
NagaCorp also revealed on Wednesday that its gross gaming revenue for the three months to 31 March 2019 had grown 32% year-on-year to US$321.2 million, with VIP rolling chip volume up 45% to US$1.89 billion and mass table drop up 31% to US$344.4 million. EGM bill-ins rose 29% to US$665.8 million.
