By Prak Chan Thul
PHNOM PENH (Reuters) - A South Korean real-estate developer is to build a $400 million integrated resort and casino in Cambodia to target the growing number of Chinese visitors to Southeast Asia and its burgeoning gambling sector.
The resort will be in Siem Reap province, 314 km (195 miles) northwest of the capital Phnom Penh, which attracts over a million tourists a year to its famed Angkor temples, James Cho, vice-president of Intercity Group, told Reuters in an interview.
Construction of the Water Park complex, with hotels, a gaming centre, shopping and convention centres and an 18-hole golf course, will start in October and it should open in early 2012.
Cho said it aimed in particular to draw visitors from other Asian countries, including Thais, Malaysians and Singaporeans.
But the Chinses are a big target clientele.
"They're visiting Singapore, they're visiting Southeast Asia, and we just think that right now it's a very good time, it's the right time. Asian gaming is hitting Cambodia right now," Cho said.
"With the Chinese, the increase in the middle class from China, Southeast Asia is a very good market. There is no visa restriction like they have in Macau," he said.
China has periodically placed restrictions on visits to Macau and its casinos by citizens from the mainland.
Tourism is Cambodia's second-biggest currency earner after its agricultural sector.
The government gained revenue of $19 million from its 29 casinos in 2008, according to Finance Ministry data. That fell to $17 million last year, squeezed by a drop in tourist arrivals and border tensions with neighbouring Thailand.
Thais are a vital part of Cambodia's casino industry. Most forms of gambling are forbidden in Thailand but thousands of Thais regularly visit massive casino complexes just over the border with Cambodia.
Cho said around 2.2 million tourists a year visited Cambodia and 1.3 million of them went to the temples in Siem Reap. The new resort was hoping to attract 60 to 70 percent of them.
NagaCorp, listed in Hong Kong, is currently the only casino operator in Cambodia, with a licence to run casinos within 200 km (124 miles) of Phnom Penh until 2065.
Cho said the Intercity Group casino would be the first sited away from country's borders, part of the Cambodian government's wider efforts to attract more tourists into the country.
"They're making it a very rare exception and allowing a resort with gaming to be built," he said.
(Editing by Alan Raybould)
The resort will be in Siem Reap province, 314 km (195 miles) northwest of the capital Phnom Penh, which attracts over a million tourists a year to its famed Angkor temples, James Cho, vice-president of Intercity Group, told Reuters in an interview.
Construction of the Water Park complex, with hotels, a gaming centre, shopping and convention centres and an 18-hole golf course, will start in October and it should open in early 2012.
Cho said it aimed in particular to draw visitors from other Asian countries, including Thais, Malaysians and Singaporeans.
But the Chinses are a big target clientele.
"They're visiting Singapore, they're visiting Southeast Asia, and we just think that right now it's a very good time, it's the right time. Asian gaming is hitting Cambodia right now," Cho said.
"With the Chinese, the increase in the middle class from China, Southeast Asia is a very good market. There is no visa restriction like they have in Macau," he said.
China has periodically placed restrictions on visits to Macau and its casinos by citizens from the mainland.
Tourism is Cambodia's second-biggest currency earner after its agricultural sector.
The government gained revenue of $19 million from its 29 casinos in 2008, according to Finance Ministry data. That fell to $17 million last year, squeezed by a drop in tourist arrivals and border tensions with neighbouring Thailand.
Thais are a vital part of Cambodia's casino industry. Most forms of gambling are forbidden in Thailand but thousands of Thais regularly visit massive casino complexes just over the border with Cambodia.
Cho said around 2.2 million tourists a year visited Cambodia and 1.3 million of them went to the temples in Siem Reap. The new resort was hoping to attract 60 to 70 percent of them.
NagaCorp, listed in Hong Kong, is currently the only casino operator in Cambodia, with a licence to run casinos within 200 km (124 miles) of Phnom Penh until 2065.
Cho said the Intercity Group casino would be the first sited away from country's borders, part of the Cambodian government's wider efforts to attract more tourists into the country.
"They're making it a very rare exception and allowing a resort with gaming to be built," he said.
(Editing by Alan Raybould)
12 comments:
Great new and welcome to Cambodia Mr. James Cho. We wish you a great success.
Gambling is normally followed by prostitution and drugs. A better industry Cambodia should start developing is manufactoring, and technology related field. Due to lack of skill labor I don't have such high hope.
But since Cambodia is struggling to stand on her own two feet economically, anything goes I supposed, including casinos.
There are good reasons why Thailand and Vietnam avoid the casino business.
Why can't they build something that all the people in Cambodia can enjoy and tourists to have a great time without spending thousands? We have enough casinos in the country, Cambodia need a theme park that provides more jobs for the poor, a fun family place! It's a stupid law they have for gambling, casino in Cambodia does not welcome Cambodian citizen because they ban gambling.
The majority of Khmers can not to afford to gamble at those casinos. We build those casinos for teh yuons and siems. It's good for us and good for them.
I did not agree with Cho development plans in Siem, Cambodia. He should use 400$Mill to created job for Khmer and Hi Tech, not build casino.
if he want to help Khmer, he have to build manufacturing industrial not gaming. They should created job that can help Khmer reduce poverty and economy conflicts.
good for cambodia because khmer people are not allowed to gamble in casinos in cambodia, only rich foreigners. of course, they employ khmer as in the agreement, etc...
12:26AM - I wish there are more smart people(khmers) like you.
If it is not good for them it is not good for us; if it is not good for us it is not good for them. My suggestion is to balance the twos...after all we do need each other to grow. Please stop saying they should build manufactures for Khmer's jobs ect... They are not in Cambodia to help Khmers alone... But the Cambodian government has a duty to make sure it will be working for the Khmer interest in the long run.
This casino resort complex will be the destination point for many mainland Chinese and it will create hundreds of good paying jobs for Khmers.
people should wait for the right time to protest. some wanted to protest right away, i thought they wanted to create jobs for jobless khmers, why don't they think about the benefit before they start protesting, etc... people need to be educated to become smarter, ok! think about it!
THAT HOW THE MAFIA WANT TO CAMBODIA. THE 3 MONKEY DICTATORSHIP ALWAY WANT TO SEE MORE CASINO TO OPEN IN CAMBODIA SO THEY CAN GET MORE DOLLARS IN THEIR POCKETS.
i think they should also build a disneyland resort in cambodia to attract more tourists to our country!
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