Naga 3 to be funded by controlling shareholder, internal funds

Hong Kong-listed NagaCorp is planning to fund its new Naga 3 Project, expected to cost around US$3.5 billion with equal contribution from internally generated funds and its controlling shareholder, Dr. Chen Lip Keong.

NagaCorp said it had evaluated several funding options before coming to this decision, but said that this method would ultimately be more beneficial to shareholders.

Earlier this month, analysts from Morgan Stanley warned that the Naga 3 Project’s ambitions for more than 4,000 keys and its huge capital expenditure could be too ambitious.

The Naga 3 Project is set to deliver greater gaming and non-gaming spaces, comprising of amenities and facilities not available at Naga 1 and 2, including high-tech virtual reality interactive indoor theme parks, more shopping, and MICE facilities and family recreational areas.

The project will also consist of five distinct hotel towers, with some managed by well-known international hotel brands.

In its gaming space, the property feature NagaCorp’s “Casino Cell Concept” – large casino spaces are broken down into smaller spaces, each with its own entertainment, food and beverage and other integrated services.

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