Gaming and leisure operator NagaCorp plans to develop a $350m non-gaming resort in Siem Reap, in a sign of optimism that Asian tourism will bounce back long term.
The Cambodian Government has granted the operator a 50-year lease for a 75-hectare plot of land.
The new property will be 500 metres from the world-famous Angkor Wat. According to a company statement, the new development aims to promote Angkor Wat Siem Reap and NagaWorld Phnom Penh as twin tourism icons of Cambodia.
The project is provisionally called Angkor Lake of Wonder and is set to consist of hotels, Naga Water World, indoor hi-tech theme parks, tropical and cultural gardens, meetings, incentives, conferences and exhibition facilities, Seam Reap China Town (including pubs, food and entertainment).
Angkor Wat reportedly attracts around five million visitors annually, and the hope is to have some of those visitors visit NagaCorp’s venue as well: “The Group intends to implement strategies of working with online and physical travel agents in China, and elsewhere to offer tours based on more complete set of facilities based in Siem Reap and Phnom Penh.”
The architect planners for the project are Steelman Partners and Gensler. The development will be completed in phases.
The group’s surveyor anticipates “the initial phase shall be completed by approximately 2025 and shall cost at approximately $350m.” The new venue should be completed before the Naga 3 complex, an expansion for NagaWorld.