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Naga remains $ 3.5 billion third project despite Ukraine-Russia crisis

  • The combined NagaWorld buildings of Naga 1, Naga 2, and Naga 3 will contain roughly 5,000 hotel rooms, 1,300 gaming tables, 4,500 electronic gaming machines,…
  • Despite the Ukraine crisis, NagaCorp Ltd has declared that it will continue to construct its third casino (Naga 3) in Phnom Penh.
  • But last week, he announced the paused development of the Naga Vladivostok resort due to the uncertain situation in Ukraine.
  • The Naga 3 project, which is anticipated to cost $3.5 billion, will be completed by 2025.

PHNOM PENH: NagaCorp Ltd has declared that it will continue to construct its third casino (Naga 3) in Phnom Penh, Cambodia, while suspending activities in Russia following the Ukraine conflict. On March 10, 2022, the Straits Times reported.

Due to “uncertainty” surrounding the project, the Cambodian hotel and casino operator stated last week that it had paused development of the Naga Vladivostok resort, entertainment, and gaming complex in Russia, which is anticipated to cost more than 1 billion ringgit.

The Malaysian billionaire, Chen Lip Keong, who founded NagaCorp 27 years ago, agreed to invest at least $350 million in the Naga Vladivostok skyscraper in 2013. Clearing works on the site began in 2016, and an official office was established in Vladivostok’s downtown area.

NagaCorp has been granted a casino license in Phnom Penh, Cambodia, allowing it to operate there until 2065 and giving them exclusive rights in the country until 2035.Naga 1 and Naga 2 (which opened in November 2017) are the company’s two casinos in the NagaWorld complex in Phnom Penh.

The Naga 3 project, which is anticipated to cost $3.5 billion and was intended to withstand a magnitude 6 earthquake, is now under development. The project, which is anticipated to be completed by 2025, will increase NagaCorp’s capabilities to host visitors.

According to the article, the combined NagaWorld buildings of Naga 1, Naga 2, and Naga 3 will contain roughly 5,000 hotel rooms, 1,300 gaming tables, 4,500 electronic gaming machines, and other amenities. The resort will be one of the world’s largest mixed-use resorts.

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