NagaCorp posts GGR of US$145m for Q1

Gross gaming revenue in the first quarter of 2024 was up 23.7 per cent in year-on-year terms.

Cambodia.- Casino operator and developer NagaCorp has shared its results for the first quarter of the year. The company posted gross gaming revenue (GGR) of US$145m, up 23.7 per cent when compared to Q1 2023. 

The company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of US$80.3m, up 33 per cent year-on-year. GGR for Mass Market table games increased by 34 per cent. The key growth driver was premium mass high-limit table games, up 51 per cent in year-on-year terms.

The Mass Market saw the highest average daily business volumes since the property reopened in the third quarter of 2021. Premium VIP GGR was up 24 per cent. As of March 31, 2024, the Group’s total cash and bank balances had increased to US$414.3m. 

The company said: “The average daily rollings in the first quarter of 2024 have exceeded the average business volumes recorded in the financial year ended 31 December 2019. 

“In addition to the recovery of international tourist arrivals, the continuing return of business-related travellers (with longer repeated stays and higher spending power) to Cambodia contributed to the growth of this segment.”

For full-year 2023, NagaCorp posted a GGR of US$514.8m, up 15.5 per cent year-on-year. Unaudited preliminary EBITDA was US$295.3m, up 20.3 per cent year-on-year.

The company posted a net profit of US$177.7m, up by 65.7 per cent in year-on-year terms. Non-gaming revenue was US$18.45m, up 24.5 per cent when compared to the previous year. The average daily mass marker business volume grew by 7.2 per cent in year-on-year terms from US$9.3m to US$9.9m. The figure represented a recovery of 82.3 per cent compared to 2019, prior to the Covid-19 pandemic.