NagaCorp posts GGR of US$106.6m for Q3

NagaCorp has reported a drop in gross gaming revenue for the third quarter of the year from US$127.4m to US$106.6m.

Cambodia.- The casino operator and developer NagaCorp has shared its operating results for the third quarter of the year. Gross gaming revenue (GGR) was down 16.3 per cent quarter-on-quarter from US$127.4m to US$106.6m.

According to the company, other metrics such as average daily business volume for table games, slots, and VIP referrals, saw growth for the third quarter of 2022. Average daily purchases and bills-in totalled nearly US$9.5m, up 5.1 per cent from the daily average for the first half. 

The average daily rolling volume in premium mass was up 6.2 per cent to just over US$8.5m. The average daily rolling volume in referral VIP was up 43.0 per cent to US$4.2m.

The company stated: “Management believes the steady business recovery is mainly due to the continued improvement of international arrivals to Cambodia as more regional countries eased travel restrictions, as well as the continued improvement of the business environment boosted by Chinese investments, post-pandemic.”

For the first nine months of the year, NagaCorp reported earnings before interest, tax, depreciation and amortization (EBITDA) of US$183.2m.

Cambodian government denies it’s holding up NagaWorld labour disputes

The Ministry of Labour and Vocational Training has issued a statement denying that it’s responsible for stalled negotiations over the Nagaworld labour dispute. The ministry responded after being accused of inaction and indifference to the drawn-out conflict.

It said that since the parties were not willing to participate in collective labour resolution procedures, their differences will probably need to be settled in court.

The ministry added that 244 out of 373 former employees have accepted the compensation offered by the company. A meeting has been scheduled for October 6 to mediate a solution for the remaining layoffs.