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NagaCorp doubles down with $3.5bn casino plan in Cambodia

Share price down around 10% since announcement as analysts voice cost concerns

NagaCorp has a monopoly casino license in Phnom Penh that lasts until 2035. (Photo by Ken Kobayashi)

PHNOM PENH -- NagaCorp is planning its third casino project in Phnom Penh to tap the growing numbers of free-spending Chinese tourists to the country. But with a price tag equal to almost a sixth of Cambodia's GDP, analysts are questioning the viability of the project.

In a filing with the Hong Kong stock exchange on Sunday, NagaCorp said it will spend $3.5 billion to build a hotel and casino resort that will boast over half a million square meters of floor space when finished in 2025. The figure excludes land costs. 

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