NagaCorp Ltd., a Cambodian casino operator, said on Monday that it is conducting international bank notes to institutional investors in Asia, Europe and the United States. Hong Kong-listed NagaWorld (pictured) said it plans to issue the notes to enhance the quality and attractiveness of its casino resort in Phnom Penh, Cambodia's capital.

Net proceeds from the proposed note issue will be used to "facilitate the growth of the gaming business, particularly in the VIP gaming sector, and refurbish Naga 1's hotel rooms," the company said in a filing with the Hong Kong Stock Exchange.

Naga Corp. has an exclusive license to operate casinos in Cambodia's capital and surrounding areas. It began operating with the current NagaWorld property, called Naga 1, which opened in December 2006. The property is now connected to Naga 2, an extension that opened last November.

The combination of Naga 1 and Naga 2 is currently described as Naga World Complex, and is connected through an underground shopping mall called Naga City Walk.

In February, Nagakov reported a 38.6% increase in net income in 2017 from the previous year. Revenue for the period was up 79.8%.

"The positive results are primarily attributed to strong business volume growth across all segments, particularly the VIP segment," the company said at the time.

Earlier this month, Nagakov said total gaming revenue in the first quarter of this year was nearly triple that of the previous year's quarter, adding that more public market tables may be needed in the future.

The terms of the notes, including their total principal amount, tenor, offer price and interest rate, will be determined through bookmaking events, NagaCorp said in a filing on Monday. Credit Suisse (Hong Kong) Ltd and Morgan Stanley and Co International Plc have been named co-global coordinators, bookrunners and lead managers of the proposed note issuance.

The casino company said it would begin a series of roadshow presentations to international investors on Wednesday (May 2). However, it added: "Completion of the proposed note issuance may or may not proceed, depending on market conditions and investor interest."