NagaWorld

NagaWorld, operated by Hong Kong-listed NagaCorp Ltd., has operated under an exclusive casino licence for the Phnom Penh municipality since 1995 (a land concession granted by the Cambodian government) with the right to exclude competition from a protected zone around the capital. This monopoly — which has been extended multiple times, currently running until 2065 — gives NagaWorld one of the most durable competitive moats in global gaming.

The current complex opened in its substantive form in 2003 and has been expanded in multiple phases, most recently with the Naga2 tower complex which opened in 2017 and nearly doubled the resort's capacity. The combined development now offers approximately 700 gaming tables and 2,600 gaming machines across two interconnected casino buildings, plus over 1,900 hotel rooms across the Naga1 and Naga2 hotel towers.

NagaWorld's primary customer segments are mainland Chinese VIP and premium mass visitors, supplemented by South Korean and Taiwanese gamblers attracted by package tour operators. The casino is the largest employer in Cambodia outside the government and represents a significant portion of the country's formal-sector service economy. Phnom Penh's growing international accessibility via air has supported steady revenue growth over the past decade.