Cambodian operator, NagaCorp, has announced that the scheduled completion date for its US$3.5bn expansion of its integrated resort NagaWorld in Phnom Penh, Cambodia, has been extended to 2029.
The reason given is a need to reduce capital expenditure following the impact of the COVID-19 pandemic.
Details of the amended development terms were outlined in an overnight filing in which NagaCorp has entered into an agreement with its contractor, updating the completion date from September 2025 to September 2029. The revised agreement is also subject to further adjustments, including a potential reduction in the size and scale of the planned expansion.
A NagaCorp statement said that these amendments took into consideration “the external geopolitical macroeconomic environment and the stiff global inflationary pressures,” adding that “the company is carefully and seriously considering options of developing Naga 3 matching revenue generation with capex expenditure, and such options shall include project resize.”
