NagaCorp rolls dice on $15 million VIP terminal
A private VIP terminal costing $15 million is being planned at Phnom Penh International Airport by NagaCorp, which hopes that once it is ready – likely by early next year – high-rollers would flock to its casino and double their spending to $8 billion…. NagaWorld, the casino arm of NagaCorp, had “entered into an agreement” with the Cambodian government on January 11 this year for NagaWorld to construct “the Naga Terminal”, the release said. … The terminal is part of $156 million NagaCorp is pumping into the VIP segment to reverse its lack of luck in this area. While its revenue from junkets has increased steadily, their contribution to the overall revenue has dropped every year. In 2009, the segment contributed 45.3 per cent, plunging to 34 per cent by last year. According to a report last month by EBS International, NagaCorp aims to more than double the spending by VIP players, from $3.8 billion last year to $8 billion in about three years. … In 2011, Cambodia’s then 27 casinos generated about $20 million in tax revenue for the government, a quarter more than the previous year. The opposition has previously criticised the Kingdom’s casinos for not paying enough taxes to the government, as well as for their lax security that allows locals to slip in and gamble, which is illegal.
