Casino mogul's Cambodia cash hedges investors’ bet

NagaCorp

07/05/2019 02:39

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Katrina Hamlin
    HONG KONG, May 7 (Reuters Breakingviews) - Boss Chen Lip
Keong will use some $1.8 bln of his own money to fund half of
NagaCorp’s new venture, Asia’s largest gambling resort.
Competition is increasing, and both Cambodia and the industry
depend heavily on China. It’s still a show of confidence that
can cheer punters. 
    Full view will be published shortly.
    On Twitter https://twitter.com/KatrinaHamlin

    CONTEXT NEWS
    - Cambodia-focused casino operator NagaCorp plans to expand
its facilities in the capital Phnom Penh with a new casino-hotel
complex, the company announced in a filing to the Hong Kong
Stock Exchange on April 3.
    - The development is expected to cost around $3.5 billion,
according to a second filing on April 14. The company will use
its own funds to pay half the costs, while its controlling
shareholder – founder and Chief Executive Chen Lip Keong – will
contribute the rest, the statement says. Chen will also cover
any cost overruns.
    - As of May 7, shares had fallen by just under 14 percent
from their close on April 2, a day before the company outlined
the plan, to HK$9.73.
    - The company says it will release further details of the
project on or around May 8, following a regulatory request.
    - For previous columns by the author, Reuters customers can
click on  HAMLIN/  
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April 14 filing      http://www3.hkexnews.hk/listedco/listconews/SEHK/2019/0414/LTN20190414021.pdf
BREAKINGVIEWS - Cambodia’s casino king faces new poker hands   
 urn:newsml:reuters.com:*:nL3N20L20X
Cambodian PM says China ready to help if EU imposes sanctions   
 urn:newsml:reuters.com:*:nL3N22B1F2
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Clara Ferreira Marques and Sharon Lam)
 ((katrina.hamlin@thomsonreuters.com; Reuters Messaging:
katrina.hamlin.thomsonreuters.com@reuters.net))