HOW WE STARTED
The 1980s
In the late 1980s, our founder, Tan Sri Dr. Chen, a medical doctor by profession, was a prominent businessman in Malaysia. During that time, the previous Prime Minister of Malaysia, Tun Dr. Mahathir, was promoting a program called "Prosper Thy Neighbour And Not Beggar Thy Neighbour" in which he believed that the surrounding economies must prosper in order for Malaysia itself to prosper. Therefore, he sent Malaysian business leaders to various parts of underdeveloped Asia to explore business opportunities. Tan Sri Dr. Chen was part of the delegation that landed in Cambodia.
Cambodia in the late 1980s was a country undergoing a period of regeneration following the Khmer Rouge regime from 1975-1979. During that period, 25% of Cambodia's population was killed and much of the country's infrastructure was destroyed. At that point in time, Phnom Penh was perceived as a ghost town by many investors. When Tan Sri Dr. Chen landed in Cambodia, he was impressed by the country's potential despite its lack of infrastructure, management skills and foreign direct investment.
The 1990s
In 1993, the first democratic government in Cambodia was formed following a general election sponsored by the United Nations. During that time, Cambodia had a co-Prime Minister arrangement in which the first Prime Minister was Prince Ranaridh and the second was the opposition party's Hun Sen, who is now the current Prime Minister of Cambodia. In 1994, the Cambodian Government invited proposals to build an island casino resort in the Sihanoukville region as part of an international tender process for infrastructure development. Ariston SdnBhd ("Ariston"), which was then privately owned by Tan Sri Dr. Chen, was the preferred bidder in the tender exercise, which was vetted by international consultants.
In January 1995, Ariston entered into an agreement with the Cambodian Government, which subsequently granted a casino license to Ariston. Therefore, the license was awarded under a Government-to-Government initiative. In May 1995, Ariston assigned the casino license to NagaWorld Limited, and that same month, NagaWorld Limited began its gaming operations on a barge anchored on the banks of the Bassac River, at a central location in Phnom Penh situated near many tourist attractions such as the National Museum, the Royal Palace and the Independence Monument.
The 2000s
In August 2000, NagaCorp Ltd. ("NagaCorp") formalised a 70-year lease agreement granted by the Cambodian Government in respect of an area of approximately 14,160 square metres located along the Bassac River, approximately 500 metres from our former location on the barge, for the construction of an entertainment and hotel complex to be named NagaWorld. Construction of NagaWorld commenced in December 2000. NagaWorld consists of a 14-storey hotel wing and an 8-storey entertainment wing connected by two sky bridges and encompassing a total floor area of approximately 80,552 square metres.
On 1st October 2003, NagaCorp relocated its casino from the barge to the ground floor of the entertainment wing of NagaWorld.
In late 2004, NagaCorp decided to raise funds in Hong Kong by seeking a listing on the Hong Kong Stock Exchange, and on 19th October 2006, the Company was listed on the Main Board of the Hong Kong Stock Exchange.
CORPORATE MILESTONES
Year |
Corporate Events |
2006 |
- NagaCorp was listed on the Main Board of the Stock Exchange of Hong Kong Limited
- It was the first listing of a gaming and entertainment company on the stock exchange through an initial public offering
- The initial public offering raised HK$822 million (US$105 million) through the issuance of 575 million shares at HK$1.43 each
|
2007 |
- NagaCorp moved to its current premises (the NagaWorld building) upon completion of its hotel wing
|
2008 |
- Upon completion of its hotel and entertainment wing, NagaCorp was able to focus on and build the mass market segment
- The Cambodian Government officially banned all illegal slot operations within Phnom Penh City and agreed to open entertainment clubs equipped with electronic gaming machines at hotels in certain cities and provinces
|
2009 |
- NagaCorp's business model shifted from being junket-market driven to mass-market driven to reduce earnings volatility
|
2011 |
- The proposal for the connected acquisition of Naga2 – collectively comprising NagaCity Walk, Tourist Garden and the TSCLK complex – from major shareholder Tan Sri Dr. Chen with the issuance of convertible shares/ bonds upon completion worth US$369 million was announced
- NagaCorp achieved a 109% increase in Net Profit to US$92.0 million for the year ended 31st December 2011 amidst an uncertain global economy, representing the highest level of net profit achieved by the Company since its public listing in 2006
- Rapid 1 - Launched first rapid gaming area comprising 91 electronic gaming machines with Roulette and Baccarat tables aimed at attracting customers with an appetite for rapid play games.
|
2012 |
- Approximately 85% of the minority shareholders of NagaCorp voted in favour of the acquisition of Naga2 in January 2012
- NagaCorp market capitalisation touched the US$1 billion mark in March 2012
- NagaCorp held a ground breaking ceremony for the Naga2 development in November 2012
- NagaRock - Launched first premium mass lifestyle casino cell in February 2012 with 18 gaming tables and 240 electronic gaming machines. NagaRock serves to attract higher-end public floor players looking for a more relaxed and entertaining gaming environment with higher table limits. It also features a Mexican Restaurant within.
- Rapid 2 - Launched second rapid gaming area in June 2012 following the success of the Rapid 1, comprising 92 electronic gaming machines with Roulette, Tai Sai and Baccarat tables.
- Saigon Palace - Launched in December 2012 following NagaRock’s success. Saigon Palace has nine gaming tables and 120 electronic gaming machines catering to Vietnamese clientele.
|
2013 |
- NagaCorp raised HK$1.2 billion (US$156 million) through the issuance of 200 million new shares at HK$6.05 to expand the Group's overseas high-premium direct-players program and to develop its junket business with trusted third parties
- Announced plans for investment in Vladivostok, Russia with a minimum investment of US$350 million
|
2014 |
- Completed new VIP gaming area with 47 gaming tables in the hotel wing
- Entered into agreements with Macau junket operators to develop North Asia market
- Invested in aircraft to enhance connectivity and drive visitation
|
2015 |
- NagaCorp held a ground breaking ceremony for the project in Vladivostok, Russia in May 2015
- Saigon Palace VIP - Installed 48 electronic gaming machines in Saigon Palace VIP area in June 2015
- Implemented table buy-ins for all Public Floor Tables in July 2015 and installed "ticket-in, ticket-out" ("TITO") system to the majority of electronic gaming machines in September 2015 for greater operational efficiencies and improve player convenience
- Amret Palace - Launched new mass gaming area adjacent to newly curated pool deck in November 2015. It houses 184 electronic gaming machines and a new private junket hall with 18 new tables.
- Rapid 1 - Added 37 rapid games to current Rapid 1 Gaming Area in December 2015 to cater for growing demand of rapid play games
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