NagaCorp Ltd says the group has been granted a 50-year lease on a plot of land “about 500 meters [0.31 miles] south of” the restricted zone of Angkor Wat, in Siem Reap, Cambodia.
NagaCorp plans to develop a non-gaming integrated resort (IR), with the first phase expected to open in 2025 at a cost of US$350 million.
They said construction of the resort in Siem Reap – provisionally called Angkor Lake of Wonder – would be done in phases. The development plan involves hotels, a water theme park, indoor hi-tech theme parks, water cruise attractions, space for meetings, incentives, conferences and exhibitions (MICE), cultural attractions, and food streets, it said.
The first phase would feature two hotels, one with 500 rooms for the mass market and the other with 200 rooms with MICE facilities. It will also offer a water theme park; shops; food streets; and an indoor interactive hi-tech theme park.
The land has a total area of 75 hectares (187.5 acres), with a seven-year, rent-free period, subject to a further mutually-agreed extension of another three years. Once the rent-free period expires, the company will pay an initial lease rental of US$0.60 per square metre every year with an increase of 5 percent every five years.
NagaCorp is currently expanding its property in Phnom Penh, with new hotels and gaming space, at a total cost of around US$3.5 billion. The firm is also investing in a casino resort in the Primorksy Krai region, near the Pacific port city of Vladivostok in the far east of Russia.
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