NagaCorp to build USD 350 million casino in Russia

The casino hotel, scheduled to open in 2018, will have features resembling the bird-nest national stadium in Beijing built for the 2008 Olympics, coupled with an architectural flavor of London, NagaCorp Chairman Tim McNally said. “The Russian government has been working closely with us on issues such as visa upon arrivals from the airport and approvals on land permits,” McNally said.

The Hong Hong-listed company is joining Macau gambling tycoon Lawrence Ho in expanding in Russia. Casino operators are building large-scale resorts in locations including Russia, Philippines and Vietnam as they seek to emulate the success of Macau, which raked in more than us$45 billion in gambling revenue last year, seven times that of the Las Vegas Strip. NagaCorp, which holds a 70-year exclusive license to operate casinos in the Cambodia capital city of Phnom Penh, is also interested in expanding to Thailand and Myanmar, McNally said.

NagaCorp reported yesterday net income rose 24 percent to us$140.3 million, with gross gaming revenue increasing 25 percent on more visitors from China, Vietnam and South Korea. COO Mark Brown said NagaCorp. Recently set up a marketing office in the Chinese city of Macau to expand its relationship with junket operators and plans to attract more Chinese high rollers with their help. Brown, a former executive at Las Vegas Sands Corp., was appointed last December.

The company plans to charter flights between Macau and Phnom Penh to facilitate Macau-based junket operators sending their players to NagaWorld, its casino in Cambodia, it was announced in the statement yesterday. Chinese high-stakes gamblers account for two-thirds of Macau’s casino gambling revenue. The company will add as many as 63 VIP gaming tables to NagaWorld by the end of the year, the company said.