NagaCorp, the owner and operator of Cambodian integrated resort NagaWorld, has signed an amendment to its exclusivity agreement with the Royal Government of Cambodia extending its exclusive rights to operate casinos within a 200-kilometer radius of Phnom Penh by 10 years until 20451. The 10-year exclusivity extension is part of a deal signed on Tuesday between the Royal Government of Cambodia and Ariston Sdn Bhd, a Malaysia-incorporated firm wholly owned by NagaCorp2.
The extension relates to the initial Sihanoukville Development Agreement signed by NagaCorp and the government in 1995, and later amended in 2000 and 2005, which grants the company a license to operate casinos in Cambodia for a period of 70 years until 2065 and exclusive rights in and around Phnom Penh until 20351. Those exclusivity rights have now been extended for 10 years from 1 January 2036 until 31 December 20451. The previous exclusivity window ran until January 1, 20362. The deal as a whole allows for NagaCorp to be licensed for casino gaming in Cambodia beyond the extended exclusivity period up to end-2045 for a period of 70 years, expiring in 20652.
The company made a one-off US$10 million payment to the Royal Government of Cambodia upon signing of the amended agreement, and will pay US$3 million on an annual basis each year between 2036 and 20451. GGRAsia reported the US$10 million payment was made by the Ariston entity to the Ministry of Economy and Finance "upon signing the agreement", with Ariston to pay US$3 million annually to the Cambodian government via the ministry for 10 years beginning from January 1, 2036 till the end of December 20452.
The agreement restricts any other companies from operating casinos within 200 kilometers of Phnom Penh with the exception of the Cambodia-Vietnam border area, Bokor, the Kirirom Mountains and Sihanoukville1. NagaCorp said the filing listed key features of the Cambodia casino license including no restrictions on the number of tables, electronic gaming machines, gaming space, gaming promoter commissions and rebates2.
"The Company believes that the signing of the Agreement and exclusivity extension till 2045 may be viewed as a long-term tourism infrastructure project which may generate recurrent revenue to the Company and its shareholders."
The extension follows the announcement by NagaCorp of its US$3.5 billion Naga3 expansion, which will increase the group's hotel and gaming capacity by at least two times once complete in 20251. NagaCorp said the combined capacity of the NagaWorld complex come 2025, comprising Naga1, Naga2 and Naga3, would be roughly 5,000 hotel rooms, 1,300 gaming tables and 4,500 EGMs1. GGRAsia reported the approximately US$3.5 billion Naga 3 was anticipated to open in late 20252.
| Item | Detail |
|---|---|
| Exclusivity radius | 200 kilometers around Phnom Penh1 |
| Previous exclusivity end | January 1, 20362 |
| Extended exclusivity end | December 31, 20451 |
| One-off payment | US$10 million on signing1 |
| Annual payment | US$3 million each year, 2036 to 20451 |
| Casino license term | 70 years, expiring 20651 |
What it means for players
For anyone gambling in Cambodia, the extension keeps the Phnom Penh market concentrated in one operator's hands for another decade beyond the previous 2036 end date. The agreement restricts any other companies from operating casinos within 200 kilometers of Phnom Penh, with exceptions for the Cambodia-Vietnam border area, Bokor, the Kirirom Mountains and Sihanoukville1. That means the venues available in and around the capital, and the rules inside them, sit with NagaWorld and its licensed casinos in Cambodia rather than a wider field of competitors. Players heading to the capital can check who can go in at Cambodian casinos and the wider rules inside casinos and integrated resorts in Asia. The license terms reported include no restrictions on the number of tables, electronic gaming machines, gaming space, gaming promoter commissions and rebates2, which the company said gives it flexibility to optimize operations over time2. No changes to entry rules, game rules or player-facing terms were reported in the deal.
What happens next
The Naga3 expansion, described as an approximately US$3.5 billion project, was anticipated to open in late 20252, with the group's hotel and gaming capacity to increase by at least two times once complete1. The annual US$3 million payments to the Cambodian government run from January 1, 2036 until the end of December 20452. No further steps beyond those dates have been reported.
