I. Group Overview
Prince Holding Group, one of the most influential conglomerates in Cambodia, operates in sectors including gaming entertainment, real estate, finance, tourism, and infrastructure. Led by **Neak Oknha Chen Zhi**, the group has risen rapidly due to its close ties with Cambodian political and business circles, and has actively promoted a transformation away from gaming in recent years.
Key Data (Updated for 2024):
Registered Capital: $500 million
Employee Scale: over 10,000 people
Key Projects: Phnom Penh Prince Tower, Sihanoukville Prince International Entertainment City, Cambodia Airways
II. Development History: From Gaming to a Diversified Empire
1. Starting from the Gaming Industry (2015-2019)
Sihanoukville Casino Monopoly: Entered Sihanoukville in 2015, operating Prince International Entertainment City, at its peak contributing 70% of the group's revenue.
Political Resources: Obtained a VIP casino license from the Cambodian government, closely cooperating with the local military.
2. Diversification Expansion (2020-2024)
Real Estate: Invested $1.5 billion in developing Phnom Penh Prince Tower and Sihanoukville coastal resorts.
Aviation: Acquired Cambodia Airways, launching direct flights between China and Cambodia.
Financial Technology: Launched the payment platform PrincePay, penetrating the local microcredit market.
3. Social Responsibility and Controversies
Charitable Image: Funded education and healthcare through the Chen Zhi Foundation, donating over $20 million in 2023.
Grey Area Accusations: Repeatedly questioned by international media for money laundering and cross-border gambling inducement, but not investigated by Cambodian officials.
III. Core Business Layout
Gaming Entertainment
Sihanoukville Prince International Entertainment City
Attracts high-end gamblers from China and Southeast Asia
Real Estate
Phnom Penh Prince Tower (68 floors)
Aiming to create a landmark commercial complex in Cambodia
Air Transportation
Cambodia Airways (12 aircraft)
Controls the lifeline of tourist flow between China and Cambodia
Financial Technology
PrincePay e-wallet
Seizing the Cambodian cashless payment market
IV. Latest Developments in 2024
Gaming Industry Contraction:
Affected by Cambodia's "Gambling Ban", closed some casinos in Sihanoukville in 2023, shifting towards a high-end integrated resort model.
Deepening Cooperation with Chinese Capital:
Collaborated with China Communications Construction to develop real estate projects along the Phnom Penh-Sihanoukville Expressway.
Introduced WeChat Pay and Alipay into the PrincePay system.
Preparation for Listing:
Plans to IPO in Hong Kong or Singapore in 2025, with a valuation target of $3 billion.
V. Challenges and Future Outlook
Policy Risk: The Cambodian government strengthens regulation of the gaming industry, requiring foreign casinos to increase local employment ratios.
Intensifying Competition: Genting Group from Malaysia and Galaxy Entertainment from Macau are accelerating their entry into the Cambodian market.
Success of Transformation: Can it shed the "casino tycoon" label and become a truly diversified conglomerate?
Conclusion
The rise of Prince Group reflects the complex ecology of Cambodia's economy—resource monopoly, symbiosis of politics and business, and international ambitions coexist. Its transformation path will become a classic case study in observing the development of Southeast Asian conglomerates.
