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Land-BasedCasinoIndustry

NagaCorp to offer notes to help with liquidity

Cambodian casino operator NagaCorp Ltd has offered notes to global investors to combat the losses from the Covid-19 pandemic.

nagacorp

The net proceeds will be used for the group’s outstanding notes that are due in 2021, with any remaining funds going to general corporate purposes. 

The senior notes were issued on 21 May 2018, worth $300m with 9% interest. Since the global lockdown, the group reduced the monthly run rate for the operations to $3.9m by eliminating various expenses. The group stated it has 18 months of operational liquidity, assuming the business will remain in the minimal revenue levels.

The group stated the notes will be issued with a book building exercise by Credit Suisse (Hong Kong) Ltd, Morgan Stanley, and Co International plc and UBS AG Hong Kong Branch. The group stated its “actual level of cash operating expenses in coming periods could be impacted by unanticipated developments of events beyond our control.” 

The NagaWorld casino complex, located in Phnom Penh, suspended operations on 1 April as part of the pre-emptive measures to deal with the virus. The group currently opened Naga 1 hotel with reduced capacity, but Naga 2 hotel remains closed. NagaCorp is also developing Naga 3, worth $3.5bn. It will have several thousand hotel rooms and close to 800 game tables.


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