''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
http://www.reuters.com/article/idUS1041 ... NS20080205