NagaCorp posts GGR of US$283.4m for H1

Gross gaming revenue (GGR) was up 12.3 per cent year-on-year.

Cambodia.- Casino operator and developer NagaCorp has shared its operating results for the first half of the year. It posted gross gaming revenue (GGR) of US$283.4m, up 12.3 per cent from US$252.3m in H1 2023.

Mass public floor table revenue was up 33 per cent to US$130.61m, while mass-market electronic gaming machine (EGM) revenue was down by 5 per cent to US$61.33m. The increases were attributed to the reasonably sized expatriate community, visitors from ASEAN and to some recovery in Chinese visitors. Gross profit for the mass market segment was US$170.8m, 74 per cent of the group’s total.

Premium VIP saw a 4.1 per cent reduction in revenue at US$60.3m. Rolling chip volumes fell by 11.7 per cent year-on-year to US$1.8bn while the win rate hit 4 per cent. The referral VIP market segment saw a 12.7 per cent year-on-year decrease in rollings to US$819.6m but a 17.6 per cent year-on-year increase in revenue to US$31.1m.

During the first half, the company recognised a non-cash asset impairment loss on its gaming and resort project in Vladivostok, Russia, of US$89.1m. Excluding this asset impairment loss recognised, the company’s net profit of US$88.1m and EBITDA US$144.6m, up 6.2 per cent and 1.0 per cent respectively compared.

As for the development of the Naga 3 Project, the company reported the foundation and structural works for the basement floors of the complex have been broadly completed and that clearing, cleaning and defect rectification works are expected to be completed by the fourth quarter.

The company said: “Looking ahead, the group is optimistic about its long-term growth prospects and outlook with Cambodia’s ongoing economic recovery and political stability. The group is confident that the tourism sector will maintain its recovery momentum, driven by the return of international travel.

“NagaWorld, as the only integrated resort in Phnom Penh, will continue to benefit by attracting more visitors seeking entertainment and luxurious lifestyle offerings at competitive prices and value.

“The development of Naga 3 as a leading tourism asset for Cambodia aligns with the RGC’s vision and commitment in bolstering the tourism sector. This initiative positions Naga 3 as a key contributor to the regional tourism landscape, showcasing a shared dedication to elevating the global presence of Cambodia’s tourism.”