Saturday, July 02, 2022

MQ Technology to enter Cambodian casino market


MQ Technology Bhd, a Malaysian investment holding company is reportedly in discussions with Cambodian Resorts and Entertainment Co Ltd (CRE) to develop a $30 million gaming resort and theme park in Southeast Cambodia.

According to StarBizWeek, the proposed resort would be situated in Banteay Chakrey in Prey Veng Province, in the southeast of Cambodia close to the Vietnam border.

“The project will see the construction of a resort and entertainment complex comprising of a hotel , casino, and a theme park, among others,” said a source quoted by the news outlet.

“CRE is the owner of the project land and has a sister company which holds a casino license to operate on this land.”

Under the agreement, CRE will contribute the land for the buildings and facilities, as well as maintain the validity of casino licenses and business operation permit throughout the tenure of the venture. MQTech will finance the setup of a theme park, as well as the building of serviced apartments on the land.

It is unclear who will operate the casino, but the source pointed out that the joint venture company will seek a local casino operator to manage the gaming business of the project.

Ros Phearun, deputy director of the finance industry department at the Ministry of Economy and Finance (MEF) speaking to The Phnom Penh Post, said he was not aware of any applications for a gaming licence for a project that fit the bill. However, he did not rule out the possibility it could go ahead.

“A casino could be built along the Vietnamese border in Prey Veng – but not in the provincial capital – and would be able to apply and be granted a casino licence as long as it is [intended] for Vietnamese gamers,” he said.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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