By Sharen Kaur
sharen@nstp.com.my
Business Times (Malaysia)
NAGACORP Ltd, a gaming and entertainment group controlled by Malaysian tycoon Tan Sri Dr Chen Lip Keong, may spend as much as RM400 million to develop NagaWorld in Phnom Penh, the capital city of Cambodia, says company officials.
Business Times understands that to date, close to RM120 million has been invested in NagaWorld, the firm's flagship project which is slated for completion in the fourth quarter of 2007.
As at May 31 2006, about RM221 million had been allocated as capital investment.
"We projected that the initial cost to develop NagaWorld would be around US$90.5 million (RM330 million). However, an additional US$5 million (RM18.3 million) will be incurred for the purchase and installation of casino related equipment," said a company official.
The official said higher cost is also expected due to unforeseen circumstances such as cost overruns due to faults or delays by contractors and unexpected additional structural works to be undertaken.
NagaWorld is aimed to be an international hotel-casino complex, a first of its kind in Phnom Penh, comprising an eight-storey entertainment wing with 124 gaming tables and 211 gaming machines and a 14-storey hotel wing with a gross area of about 80,552 sq m.
The official said NagaCorp aims to become a world-class casino operator comparable to casinos in Australia and the US.
Business Times understands that to date, close to RM120 million has been invested in NagaWorld, the firm's flagship project which is slated for completion in the fourth quarter of 2007.
As at May 31 2006, about RM221 million had been allocated as capital investment.
"We projected that the initial cost to develop NagaWorld would be around US$90.5 million (RM330 million). However, an additional US$5 million (RM18.3 million) will be incurred for the purchase and installation of casino related equipment," said a company official.
The official said higher cost is also expected due to unforeseen circumstances such as cost overruns due to faults or delays by contractors and unexpected additional structural works to be undertaken.
NagaWorld is aimed to be an international hotel-casino complex, a first of its kind in Phnom Penh, comprising an eight-storey entertainment wing with 124 gaming tables and 211 gaming machines and a 14-storey hotel wing with a gross area of about 80,552 sq m.
The official said NagaCorp aims to become a world-class casino operator comparable to casinos in Australia and the US.
No comments:
Post a Comment