Cambodian casino operator NagaCorp Ltd reported an 8.4-percent rise in gross gaming revenue (GGR) for the first nine months of 2024, reaching nearly US$410.8 million, according to a non-statutory filing made to the Hong Kong Stock Exchange on Wednesday.
NagaCorp holds a monopoly licence for casino operations in Cambodia’s capital, Phnom Penh, where it operates the NagaWorld complex (pictured).
The aggregate mass-market table buy-in and slots bills-in amounted to just above US$2.89 billion in the nine months to September 30, a 7.0-percent increase compared to the same period in 2023. The GGR for this segment rose by 17.3 percent year-on-year, to US$290.1 million in the reporting period.
However, the company’s overall VIP segment saw mixed results. NagaCorp distinguishes the segment between its in-house managed “premium VIP” and the “referral VIP”, which involves VIP customers introduced by external parties. While GGR from the premium VIP segment was double that of the referral VIP segment, the former recorded a decline in revenue.
Premium VIP GGR for the first nine months of 2024 stood at US$80.9 million, an 18.8 percent year-on-year decline. Rolling volume for the premium VIP segment was nearly US$2.64 billion, representing a 13.4-percent decrease.
In contrast, the referral VIP segment showed growth, with GGR rising by 23.8 percent to US$39.8 million, supported by a 6.2-percent increase in rolling volume, which reached US$1.40 billion.
NagaCorp posted a net loss of US$963,000 for the first half of 2024, a contrast to the nearly US$83.0 million profit recorded in the comparable period of 2023. The first-half loss was mainly attributed to a non-cash asset impairmentof US$89.1 million related to the group’s casino and resort project in Vladivostok, Russia.
The management of NagaCorp said in August that it had been expanding the areas for mass-market high-limit table play, and had added side-bet options to help ramp the business in the post-pandemic period.
