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Messages 3700
Inscrit(e) le 10/01/2005
Publié le 16/06/2014 @ 18:50
Holiday In Cambodia

Ça vient du KI. J'ai fait un Cut and Past. kékéké....

C'est bien oui, de faire le Cambodge un Macao, et par conséquence une destination de vacance...de jeux....kékéké

NagaCorp Makes Casino 'Holiday In Cambodia' No Joke

NagaWorld, Phnom Penh, Cambodia (Photo credit: Wikipedia)


The US and Vietnam made Cambodia a war zone. The Khmer Rouge turned it into killing fields. The Dead Kennedys’ song “Holiday in Cambodia” mocked it as a vacation destination. NagaCorp has turned it into a goldmine.

NagaCorp operates the largest casino hotel in Cambodia, NagaWorld, and its shares have been among the top performers on the Hong Kong stock market since listing in 2006. Last year, NagaCorp reported net profit of $140 million on revenue of $345 million, both up 24% from 2012. Since 2009, NagaCorp’s net profit has shown a compound annual growth rate (CAGR) of 53% with revenue CAGR of 31%.

Several factors have helped NagaCorp evolve from a floating casino in a branch of the Mekong River into a regional gaming player that, like Vietnam and the Philippines, provides an alternative to Macau for high rollers and turns lower tier players into VIPs. The company holds a 70 year license running through 2065 that includes a 41 year monopoly within a 200 kilometer (120 mile) radius of capital city Phnom Penh. It pays no taxes on income or gaming revenue, just a fixed fee that last year amounted to 1.5% of total revenue. Labor and construction costs are low compared with other Asian gaming destinations. “We built a facility for $200 million that would have cost $1.5 billion in Macau,” NagaWorld chairman Timothy McNally says.

Nation building? Workers demolish a section of wall at the Buddhist Institute in Phnom Penh which locates next door to the Naga gambling site as part of the powerful corporation's muscle flexing in the land dispute with the Institute. Naga's presence in the country ensures that a large fraction of Cambodia's financial assets siphoned off the national treasury via official corruption will continue to drain away and end up overseas through this vicious cycle of gambling addiction and the corrupt money needed to feed the habit - School of Vice [PPP]

The company has also helped promote Cambodia as a tourist destination. Visitor arrivals have shown 18% CAGR since 2002, reaching 4.2 million last year. Neighboring Vietnam provides 20% of the arrivals, with China, South Korea and Laos in the low double-digits. NagaWorld works with travel agents in China to arrange charter flights for tourists. “We want to keep growing with Cambodia,” McNally told listeners at Global Gaming Expo Asia in Macau last month. The company highlights its commitment to nation building following Cambodia’s wars and genocide in the 1970s and 1980s. NagaCorp CEO and controlling shareholder Chen Lip Keong, a Malaysian who trained as a medical doctor before turning to property development, has long served as an economic advisor to Cambodia’s Prime Minister Hun Sen.

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Edité le 16/06/2014 @ 18:57 par BAC
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