Friday, 22 February 2008

Queenco in $10m Cambodia land grab

intergameonline.com
21st February 2008
By James Walker

Queenco Leisure International has announced the US$10m purchase of land in Sihanoukville, a coastal area in southern Cambodia, which the company intends to develop as a destination resort and casino.

Queenco, which operates and manages two of Greece's nine licensed casinos and the Casino Palace in Romania, has purchased nine hectares of beachfront land in Sihanoukville, an area that is currently experiencing a sharp rise in property prices following the Cambodian government's decision to expand the city's airport.

As part of the acquisition, Queenco has also secured exclusive rights for the stretch of beach immediately in front of the site. The casino will be the resort's main draw, but it will also include hotels, conference centres and other related non-gaming attractions.

In February 2007, Queenco acquired 48 hectares of land in Sihanoukville, and the company is now looking to further capitalise on the increasing number of Thai and Vietnamese tourist who visit the gambling facilities in area, due to the fact that gaming is not permitted in their home markets.

Commenting on the announcement, Dror Mizeretz, CEO of QLI, said: "I am delighted that QLI has been able to acquire such an ideal location for developing a new resort and casino complex.

"Along with the expansion of Sihanouk ville's airport, the area is being transformed as a tourist destination, with a growing local economy, as both foreign and domestic investors recognise the future potential of the area."

According to the Royal Government of Cambodia, more than 320,000 tourists visited Sihanoukville in 2006, up by 30 per cent from 2005.

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