NagaCorp GGR up 6.8% in Q1

NagaCorp’s gross gaming revenue reached US$117m due to “generally lower” win rates.

Cambodia.- The casino operator and developer NagaCorp has reported its first quarter 2023 financial results. It reported GGR of US$117m, up 6.8 per cent. Premium VIP rolling chip rose 43.9 per cent to US$976m.

According to NagaCorp’s report, GGR was up because the win rates in the first quarter were “generally lower compared to last year due to luck factor.” However, the company’s mass gaming revenue fell by 3.9 per cent to US$76.62m.

The company noted a 117.9 per cent annual rise in the referral VIP market, with a 22.6 per cent quarterly increase to US$387.1m. It said it had successfully converted previous referral VIP players into direct premium VIP players, recording its highest levels since the first quarter of 2020. 

The group observed a continuing increase of visitors to its property, with an estimated daily visitation of about 7,000 towards the end of March 2023, up from 6,000 at the year-end of 2022.

EBITDA for the quarter fell by 3.3 per cent annually to US$59.02m. The company believes that the recovery of Chinese tourism to Cambodia is still in its early stages, following the China’s granting of Approved Destination Status in February. 

See also: Moody’s puts NagaCorp’s ratings under review for downgrade