Chinese investors back US$379 million ventures with 2,911 rooms and possibly casinos
The Council for the Development of Cambodia has approved two Chinese backed new hotel projects in Sihanoukville worth US$379 million, despite the current exodus of Chinese nationals from the city.
The two five-star hotels by Xigang V-Continent International Investment Co Ltd and Hai Gang Grand Hotel Co Ltd have a combined total of 2,911 rooms, said the CDC.
Xigang V-Continent International Investment’s $226 million hotel will comprise 1,111 rooms and will be located in Sihanoukville’s Commune III while Hai Gang Grand Hotel’s $153 million investment will comprise 900 rooms and be located in Commune IV.
Although it was not specified whether the hotels will include casinos, estimates indicate that the offer will feature luxury casinos aimed at the Chinese market. However, Preah Sihanouk provincial governor Kuoch Chamroeun said that the hotels will attract foreign nationals, not just Chinese.
Mainland Chinese have been leaving Sihanoukville in droves since the government banned online gaming last month, but Chinese are still the major market target for local casinos.