Virtue Resources plans $200m IR for Bavet City

A new 50-hectare mixed gaming development project is being planned for Bavet City in Cambodia, according to a report from the Khmer Times.

Developed by Virtue Resources, Empire World City will be developed with a total investment of $200 million, the project consists of a casino, hotel & resort, online casino hub, a shopping mall, as well as a Water Show Arena.

“We going to kick start this project by starting the leverage work and we estimate by end of this year we can start the construction,” the newspaper cited the group's CEO as saying.

The new resort is planning to complete its first phase by the end of 2019, with a final completion time of 10 years.

“We are doing this mega project because we saw the potential of economic growth in Cambodia for the next 10 years,” he added.

He also said the resort will be attractive to Vietnamese patrons.

“We believe that the Empire World city will boost up the local economy by attract neighboring Vietnamese into the city,” he said.

According to the news outlet, two memorandum of agreements were signed on April 13 in Sokha Hotel, Phnom Penh. One was signed between Virtue Resources and 3Ti Progetti Asia Ltd. – an architect firm, the second was between the landowner and Virtue Resources.

A groundbreaking ceremony was held in Bavet city on April 14.

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