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Chinese tourists win, poor Cambodians lose with US$4 billion Hong Kong-backed casino in Phnom Penh
- Tenants turfed out of Phnom Penh’s iconic low-income housing block, the White Building, were told it would be redeveloped to house Cambodians
- Instead, NagaCorp is planning a development the size of Marina Bay Sands in Singapore that it hopes will attract high-rolling Chinese gamblers
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An iconic Phnom Penh housing site known as the White Building is being turned into a multibillion-dollar casino development, as Cambodia woos Chinese tourists by catering to their penchant for gambling.
Hong Kong-listed developer NagaCorp, controlled by Malaysian billionaire Chen Lip Keong, estimates it will spend US$3.8-US$4 billion on the Naga3 project, its third casino in the country, which will have hotels, condominium facilities and a 12-floor entertainment centre and outlet mall.
NagaCorp’s deputy chairman Philip Lee told local media on Tuesday: “Naga3 is the single biggest private sector investment so far in the country and may be for years to come. It is about the same size as Marina Bay Sands in Singapore ... which is the most expensive entertainment complex in the world.”
But the news has surprised and upset former residents of the low-income housing block and conservation activists, who had been under the impression the site was being redeveloped to house Cambodians.
Among them is Nhek Chantha, 67, who was turfed out of the White Building in 2017 and moved in with her children as she could not afford a new place.
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