Queenco Leisure International Ltd said it has purchased 9 hectares of land in Sihanouk Ville, a coastal area in the south-west of Cambodia, for 10 mln usd, which it plans to develop as a destination beachfront resort and casino, including hotels and conference centres.
The casino developer and operator said as part of the acquisition, it has also acquired exclusive rights from the Cambodian government for the stretch of beach immediately in front of the site.
'Along with the expansion of Sihanouk Ville's airport, the area is being transformed as a tourist destination, with a growing local economy, as both foreign and domestic investors recognise the future potential of the area,' chief executive Dror Mizeretz said.
Today's announcement follows the company's acquisition of 48 hectares of land in Sihanouk Ville in February 2007, Queenco added. [source: LONDON (Thomson Financial) ]