Tuesday, September 21, 2010

Casino operator moves into Cambodia; property company pulls out

"Queenco Leisure, the hotel and casino operator, is moving into Cambodia.

"It today signed a joint-venture deal with Paradise Investment to open a hotel, casino, restaurant and karaoke premises.

"This is Queenco's first move into Asia, though it has businesses in Greece, Belgrade and Bucharest. It will own 70% of the Cambodian venture, which will initially be based at the Holiday Palace Hotel in Sihanoukville in Cambodia..."

Read the full story on thisislondon.co.uk

Meanwhile, another London-listed company has not fared too well with its Cambodia gamble. Incorporated in the Cayman Islands, JSM Indochina
"had almost no revenue for the first six months, receiving only $263,485 from rental income, according to a report filed with the London Stock Exchange late last week.

"Its expenses included $7.6 million in fees to managers, consultants and directors, and a $7.1 “impairment loss” of cash pledged with banks, according to the interim statement.

"The London AIM-listed company is currently selling nine properties across Cambodia and Vietnam."

Full story in the Phnom Penh Post.

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