Naga reaches $40 mln EGM deal with investor group

Nagacorp said it has reached an accord with a group of four investors over a new electronic gaming area in its NagaWorld casino in Phnom Penh, under which it will receive $40 million for the management of about 300 machines.

The investors have agreed to deposit a further $10 million with Naga to buy state-of-the-art gaming machines at a later date.

The gaming area will be a newly designed, refurbished area, under the master plan of Dalton Steelman Arias & Anderson, and will form another life-style casino cell concept in NagaWorld, comprising live entertainment, fine cuisine, lifestyle bars and display areas.

Upon completion of the NagaCity Walk, anticipated later this year, the area will be located at the upgraded new main entrance of NagaWorld.

Under the 10-year accord, NagaCorp will receive 70 percent of the revenue from the machines, while the investors will receive the remaining 30 percent.

The investors are Top Summit Garment, Jin He Tai Construction and C.M.C Phnom Penh Import Export, which are all incorporated in Cambodia and an individual called Jinfu, the owner of China Central Asia Group.