NagaCorp revenue to grow by 16.5% this year, analysts say

Moody’s Investors Service predicts NagaCorp’s GGR will be US$621m.

Cambodia.- Moody’s Investors Service has forecast that NagaCorp‘s revenue for 2024 will be up 16.5 per cent in year-on-year terms at US$621m. For 2023, NagaCorp posted GGR of US$514.8m, up 15.5 per cent year-on-year.

Moody’s expects a contraction in NagaCorp’s margin on earnings before interest, taxation, depreciation, and amortisation (EBITDA), of approximately 2 percentage points to 35 per cent. It expects NagaCorp’s EBITDA to expand by 8.5 per cent year-on-year to around US$320m.

Moody’s also anticipates a positive shift in NagaCorp’s debt-to-EBITDA ratio, projecting a decline to 0.4x from 1.8x in 2023. It attributes NagaCorp’s strong market position to its long-standing casino monopoly in Phnom Penh, where it operates the NagaWorld complex. However, Moody’s notes certain constraints such as NagaCorp’s reliance on single-site operations and exposure to political and regulatory risks in Cambodia.

For the first quarter of the year, the casino operator posted GGR of US$145m, up 23.7 per cent when compared to Q1 2023. The company reported 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.