Queenco in Cambodia move

Hotel and casino operator Queenco Leisure is moving into Cambodia.

It yesterday 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 per cent of the Cambodian venture, which will initially be based at the Holiday Palace Hotel in Sihanoukville in Cambodia. Queenco is to pay for renovations to the property, including the development of a new wing for the hotel. A long-term lease of 25 years has been agreed, with an option for a further 25 years after that should the venture prove a success.