Tuesday February 5, 9:34 AM
Cambodian Land Acquisition (Queenco Leisure Intl)
Queenco Leisure International Ltd
05 February 2008
5 February 2008
Queenco Leisure International
Limited
$10m Land Acquisition for Cambodian Beachfront resort and Casino
Queenco Leisure International Limited ("QLI" or the "Company"), the emerging
markets casino developer and operator, is pleased to announce the $10m purchase
of land in Sihanouk Ville, a coastal area in the south-west of Cambodia, which
the Company intends to develop as a destination beachfront resort and casino.
QLI has purchased 9 hectares of land in an ideal location, situated along the
picturesque beachfront in Sihanouk Ville, an area which has over the last 12
months seen a substantial increase in property prices following the announcement
of plans by the Cambodian Government to expand the local airport to cater for
international flights. Today's announcement follows QLI's acquisition of 48
hectares of land in Sihanouk Ville in February 2007.
As part of the acquisition, QLI has also acquired exclusive rights from the
Cambodian Government for the stretch of beach immediately in front of the site.
The land that QLI has acquired is situated in an excellent location for
attracting tourists and local customers. The Company aims to develop a
destination beachfront resort on the land it has acquired, based around a
casino, but which will also include, hotels, conference centres and other
related attractions.
Foreign investment is primarily driving the significant increases in real estate
values in Sihanouk Ville and the surrounding areas. QLI believes that the new
international transport links will transform Sihanouk Ville and make it a highly
attractive destination for leisure and gaming. The surrounding BORDER="0" area
has a history of providing gaming facilities for Thai and Vietnamese nationals
where gaming is not permitted in their home markets. QLI expects strong demand
from these markets, and throughout Asia following the development in Sihanouk
Ville.
Commenting on the announcement, Dror Mizeretz, CEO of QLI, said:
'I am delighted that QLI has been able to acquire such an ideal location for
developing a new resort and casino complex. 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.'
For further information please visit www.queencoleisure.com or contact:
Queenco Leisure International Ltd.
Dror Mizeretz, CEO
Effy Aboudy, CFO
Tel: +972 375 45555
ING
Chris Godman
Tel: +44 (0)20 7767 6896
Cardew Group
Tim Robertson
David Roach
Tel: + 44 (0)20 7930 0777
About Queenco Leisure
• QLI is an emerging markets casino developer and operator. QLI operates
and manages two of Greece's nine licensed casinos, Casino Palace in the
centre of Bucharest and Casino Beograd in Belgrade.
- Club Hotel Casino Loutraki ('Casino Loutraki'), is believed by the
Company to be Greece's leading casino by drop and win with almost one
million visits each year, and is located approximately 80 kilometers
from Athens.
- Casino Rodos, the only casino on the island of Rhodes, which was
recently ranked one of the top ten casinos in Europe(1).
- Casino Palace is located in the centre of Bucharest in one of the City's
most historic buildings.
- Casino Beograd is located in the Hotel Jugoslavia in Belgrade and has an
exclusivity licence within city limits for the next ten years.
• As at 18 June 2007, the Company operates approximately 1,400 slot machines
and 130 gaming tables, and employs 2,470 people.
• The Company seeks to use the established highly cash generative market
leading operations in Greece and Romania as a base from which to expand its
casino portfolio in emerging markets.
QLI has an attractive pipeline of investment prospects, primarily in Central
and Eastern Europe. These include the development of a nightclub and slot
machine hall (with approximately 60 slot machines) in Prague with the
expectation of developing it into a full casino once the regulatory
environment has become more developed.
• Currently the Company is at various stages of planning in a number of
development projects in strategically advantageous markets, including
Romania, Bulgaria and Cambodia.
• The Company's business model is based on operating land-based casinos
and associated leisure industries. It has no presence in, or intention of
entering, the online gaming market.
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(1) ISA Casinos Guide
This information is provided by RNS
The company news service from the London Stock Exchange
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