Reports of a new Cambodian casino joint venture with Malaysian ties offer more questions than answers.
Over the weekend, Malaysian media outlet The Star reported that computer hard drive firm MQ Technology Bhd was teaming up with an entity known as Cambodian Resorts and Entertainment Co Ltd (CRE) on a $30m hotel, casino and theme park project in Banteay Chakrey in Prey Veng Province, on Cambodia’s southeast border with Vietnam.
The Star’s source claimed that CRE owned the land on which the proposed project would be built. CRE also has “a sister company which holds a casino license to operate on this land.”
Trouble is, the proposed site is around 100km from Cambodia’s capital Phnom Penh, home to NagaCorp’s flagship property NagaWorld. NagaCorp’s contract with the government ensures it exclusivity on casino operations within 200km of Phnom Penh until the year 2035.