Rationale of Naga 3

The existing NagaWorld complex of Naga 1 and Naga 2 is reaching full capacity, with above 80% room occupancy prior to the effects of COVID-19 pandemic. NagaCorp Ltd. (“the “Company” and together with its subsidiaries, the “Group”) has decided to develop Naga 3 (costing US$3.5 billion), which will be situated a stone's throw away from the current premises. With the expected completion in 2029, Naga 3 will increase the capacity of the Group by at least two times. It is currently expected that the combined NagaWorld complex of Naga 1, Naga 2 and Naga 3 will have about 5,000 hotel rooms, 1,300 gaming tables and 4,500 electronic gaming machines and many other non-gaming attractions, and is expected to be one of the largest integrated entertainment complexes in the world. The Company believes that the launch of Naga 3 is not only timely, but also the answer to meet future demand and a surer way to continue the Group’s journey of earnings growth, especially after the recent successful ramping up of Naga 2.

Update on Naga 3

The following are brief progress updates:

The foundation and basement floors of the Naga 3 project is expected to be fully completed by the first quarter of 2024.

Angkor Lake of Wonder

The Company’s proposed non-gaming integrated resort (“IR”) development project in Siem Reap (“ALOW”) is expected to provide entertainment and hospitality facilities which are lacking in surrounding Angkor Wat. This project is expected to enhance the overall attractiveness of Angkor Wat, promote tourism and encourage repeat visitation. The architect planner of the ALOW IR project are US-based Steelman Partners and Gensler. The project is currently in the planning and architectural design stage. Final plans will be fully coordinated with the Cambodian government.

Update on the Investment Project in Vladivostok

As disclosed in the announcement of the Company dated 3 March 2022, the Company has suspended its performance under the investment agreement in respect of the Group’s gaming and resort project in Vladivostok (the “Project”) due to force majeure event. Hence, the development of the Project has been suspended indefinitely until the circumstance is clearer.