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NagaCorp suspends construction of Russian casino development

NagaCorp suspends construction of Russian casino development

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The first Cambodian company to be listed on a foreign stock exchange, casino developer NagaCorp, has announced a halt to its planned construction of a casino, hotel and exhibition complex in the Russian city of Vladivostok. 

Located in the east of the country, close to the borders with both China and North Korea, and overlooking the famous Golden Horn Bay, Vladivostok was seen as an ideal strategic location for NagaCorp to expand its land-based casino portfolio.

But, in a statement, Board of Directors said that they are invoking a ‘Force Majeuere’ clause to “indefinitely” suspend the current construction process.

Although numerous organisations are currently cutting financial ties with Russia, the NagaCorp statement makes no reference to the disturbing situation in Ukraine, concluding that no further announcements will be made until an appropriate time arises.