Thursday, 5 February 2009

Hong Kong Casino Operator NagaCorp Ltd (HKG:3918) Sees Opportunity in Cambodia

Asia Business News
Thursday February

Hong Kong, Hong Kong, Feb 5, 2009 - (ABN Newswire) - NagaCorp Ltd.'s (HKG:3918)(PINK:NGCRF) NagaWorld Casino Resort in Cambodia might see its opportunity after the declining gaming revenue and diminishing gaming crowd in Macau, which is being hammered by a slower Chinese economy, the credit crunch and China's visa restriction.

"Unlike Macau, which eyes the VIP market, Cambodia's casinos will likely tap the masses domestically and in mainland China. NagaCorp's conservative gaming policy pays in today uncertainty: no gearing, maximum table limit of USD50K, regional mid size players and top competitive services", said the CEO of NagaCorp, Tan Sri Dr. Chen Lip Keong (TSCLK).

The company is well positioned with no major capital expenditure, low investments costs on NagaWorld, which means competitive complementary hotel, food and beverage and entertainment facilities for players coming in from China and South East Asia.

NagaWorld is planning to increase its marketing pressure on the Indo-China catchment areas with strategies attracting more home coming Cambodians and speeding up its Vietnam Ground Program.Meanwhile the low tax rate continues to allow NagaWorld to devise strategic competitive STG programs.

TSCLK also unveiled the company is in talks with operators and other casinos in the regions for potential joint ventures.


Standard & Poor last year affirmed a stable outlook for Cambodia and praised the country's economic strategies, pragmatic market friendly directions, and fiscal policy with credit strength. S&P also forecasted Cambodia would maintain real GDP growth of 7% in 2009 (latest Cambodian MOEF forecast is 5%) during the downturn.

Although not spared, the world financial turmoil has relatively less impact on a basic agricultural economy like Cambodia, which is receiving continued assistance from China with less dependence on the depressed economies of the US and Japan.

Cambodians returning to their home country continues unabated as a result of political stability at home and unfavorable conditions in the West.

"NagaCorp has seen and experienced hardships before, like SARs and the Asia Financial Crisis in 1997. Hopefully 2009 will see a stable outlook for NagaCorp," says TSCLK.


Tan Sri Dr. Chen Lip Keong (TSCLK)

Doctor-turned entrepreneur, Malaysian TSCLK, aged 60, has various business interests covering Property, Manufacturing, Gaming & Hotels, Oil & Gas in South East Asia. Founder and Controlling shareholder, TSCLK is currently the chief executive of NagaCorp. Besides having served as a chief executive of Malaysian government -owned aerospace company, TSCLK also has upstream oil & gas assets in Cambodia & Thailand with Thai government-controlled PTTEP and Singapore Petroleum Corp.

In recognition of his various economic services in Malaysia, TSCLK has been conferred with various titles including the titles of "Dato" and "Tan Sri". Since June 2001 till to-date, TSCLK serves as an economic advisor to Hun Sen, Prime Minister of the Cambodian Government.

About Nagacorp Ltd:

Established in 1995, NagaCorp manages and operates the only licensed casino in Phnom Penh, the capital city of the Kingdom of Cambodia. It owns a casino license valid for 70 years from 1995 up to 2065, and exclusive gaming operational rights within a 200km radius of Phnom Penh (save Cambodia-Vietnam border area, Bokor, Kirirom Mountains and Sihanoukville) for a period of around 41 years between 1995 and 2035. Its flagship project, NagaWorld is an international hotel-casino complex, a first-of-its-kind in Phnom Penh, containing 8-storey entertainment wing and a 14-storey hotel wing with a total built up area of approximately 110,768 sq.m.


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