NagaCorp interested in expanding to Gold Coast
Cambodian casino operator NagaCorp has reported its growing interest in the vacant casino license in Australia's Gold Coast. After the local government and residents of Queensland rejected earlier this summer a AUD$3bn ($2.3bn) project, the Cambodian casino operator now has set its sights on Cairns.
The group behind the initial project was China-listed ASF Consortium. Moreover, it was believed that Caesars Entertainment would have been responsible for managing the integrated resort. Caesars, the largest owner of casinos in the US, has recently struggled under a stack of debt since a $30bn leveraged buyout in 2008. After taking heavy bankruptcy restructuring, the company is expected to exit this difficult period in the third quarter this year, with
part of this strategy focussing on real estate investment as well as expanding into foreign markets. However, hopes quickly disappeared when the project was dismissed for environmental concerns.
Despite the previous failure, NagaCorp is committed to advance negotiations with local residents and to proceed with its brand-new integrated resort project. Further details on the investment or/and dates are still unknown.
Picture credit: Forbes
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