NAGACORP LTD. For Immediate Release
Naga Travel Partners with the Ministry of Tourism of Cambodia to Promote Chinese Visitation * * * * *Hong Kong, 8 February 2017 - NagaCorp Ltd. ("NagaCorp" or the "Group", SEHK stock code: 3918), which owns, manages and operates NagaWorld, the largest integrated entertainment and leisure complex in the Mekong Region is pleased to announce that Naga Travel Limited ("Naga Travel", a wholly owned subsidiary of NagaWorld) has been selected to partner with the Ministry of Tourism Cambodia ("MOT") to promote Chinese visitation to Cambodia.
FORMATION OF THE CAMBODIAN OVERSEAS TOURISM PROMOTION BOARD ("COTPB")The MOT is forming the Cambodian Overseas Tourism Promotion Board ("COTPB") with the main purpose of attracting tourism to Cambodia. Cambodia received 5.0 million visitors in 2016. The COTPB aims to increase visitation to
7.0 million per year by 2020.
In a public-private sector initiative, the MOT has selected Naga Travel to partner with the COTPB to achieve its aim. NagaWorld is the largest integrated entertainment and leisure complex in Phnom Penh and has worked closely with the MOT to attract tourists to the region. In 2015, NagaCorp accounted for 23% of Cambodian tourism sector GDP and 1.3% of national GDP.
BRINGING IN MORE CHINESE VISITATIONVisitation from China has been growing rapidly in recent years and is essential to achieving the COTPB's aim. Cambodia and China have strong and increasingly close economic, social and political ties. While 0.8 million Chinese visited Cambodia in 2016, this is targeted to reach 2.0 million per year by 2020.
The COTPB is working on a range of initiatives to support the development of the tourism industry in Cambodia and enhance the Chinese tourist experience while in Cambodia.
INVESTING IN THE TRAVEL INDUSTRY IN CAMBODIANagaCorp will continue to invest in Naga Travel, the Group's travel agent, with the aim of increasing the capacity of the Cambodian travel industry. In partnering with the COTPB, our investment will improve the quality of tourism services and in turn enhance the appeal for Chinese tourists.
INCREASING ROOM INVENTORYTo cater for the expected increase in tourism and support the initiatives of the MOT, NagaCorp will gradually build more room inventory and other related entertainment facilities. NagaCorp aims to own and operate in Siem Reap and Sihanoukville as well as Phnom Penh.
NagaCorp aims to be one of the most noted entertainment leisure travel groups in Asia and to cement NagaWorld's position as the entertainment centre of the Mekong region.
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ABOUT NAGACORP LTD.NagaCorp Ltd. was listed on The Hong Kong Stock Exchange in October 2006 (SEHK stock code: 3918). Established in 1995, NagaCorp's wholly owned subsidiary NagaWorld Ltd. owns, manages and operates the only world-class integrated entertainment and leisure complex in Phnom Penh, the capital of the Kingdom of Cambodia. It owns a casino licence valid for 70 years, and exclusive gaming rights for a period of around 41 years (1995-2035). NagaCorp was selected for inclusion in the Hang Seng Foreign Companies Composite Index and the Hang Seng Global Composite Index launched on 5 September 2011.
For further information, please contact Hill+Knowlton Strategies AsiaDenny Law
+852 2894 6319
Denny.law@hkstrategies.com
Caley Chan
+852 2894 6261
Caley.chan@hkstrategies.com
Nagacorp Ltd. published this content on 08 February 2017 and is solely responsible for the information contained herein.
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