Cambodia is set to see another casino built to take advantage of Thailand’s insatiable appetite for gambling. Entertainment Gaming Asia (EGA) has put forward the plans and have a local partner on board to start up the joint venture company (JVC) to build the casino in Pailin province. According to a press release, it represents a strategic step in the company’s growth plans to become the leading owner and operator of regional casinos in emerging gaming markets in Asia’s Indo-China region.
EGA and a local partner will be shareholders in the business and have respective interests of 67% and 33%. The share of profits will differ with EGA taking 55% and the local partner 45%. This is thanks to the cheap 20-year $1.00-per-year lease that was agreed.
Clarence Chung, Chairman and Chief Executive Officer of Entertainment Gaming Asia, commented, “We believe this strategic new project near the Thailand border offers significant potential for long-term growth, expands our footprint and the “Dreamworld” brand in our target markets. In addition, we remain in active negotiations on additional gaming projects in the region to achieve our growth objectives.”
The casino’s initial phase will see “Dreamworld” having 23 table games and 40 electronic gaming seats. This phase is projected to open by Q2 2012. It’s the fifth casino in the area along the Thai border and will be the closest to the border crossing and a mere three hours from Thailand’s capital city, Bangkok.
Gambling is currently illegal in Thailand and Cambodia’s borders are dotted with casinos to take advantage of the many citizens who like a punt. There is also room for further expansion on adjacent land belonging to the local partner that can be used if needed.