Cambodian casino operator NagaCorp Ltd reported a net profit of US$148.8 million for the first half this year, compared with a US$963,000 loss a year earlier. In first half 2024, the company had recognised a non-cash asset impairment loss of US$89.1 million, relating to the group’s resort project in Vladivostok, Russia.
Group revenue for the first six months of 2025 grew 16.8 percent year-on-year, to about US$341.8 million, according to a Monday filing to the Hong Kong Stock Exchange.
The group’s earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at nearly US$200.3 million in the six months to June 30, compared with US$55.5 million a year ago. First-half 2024 EBITDA had been negatively impacted by the non-cash impairment loss on the Russia scheme, according to the firm.
NagaCorp declared an interim dividend of US$0.0101 per share – amounting to US$44.6 million in aggregate –, to be paid on September 30.
It represents the “first declaration of cash distribution since the financial year ended 31 December 2021,” stated the casino operator, adding that the decision was “supported by sustained operational growth, improved operating cash flow, and a healthy balance sheet”.
It added: “The resumption of cash dividend underscores our long-term commitment to shareholders’ returns and confidence in funding strategic growth initiatives alongside sustainable capital distributions.”
NagaCorp has a casino monopoly running to the end of the year 2045 for the Cambodian capital, Phnom Penh, where it operates the NagaWorld complex (pictured).
Gross gaming revenue (GGR) from the NagaWorld operation rose 17.2 percent year-on-year, to nearly US$332.3 million in the six months to June 30.
Mass-market table revenue jumped 24.0 percent year-on-year, to US$161.9 million. Mass-market electronic gaming machine revenue went up by 14.4 percent, to US$70.2 million.
NagaCorp said in its analysis of the results regarding mass play: “Our premium mass tables high-limit areas continue to attract high-value patrons, significantly enhancing table yield and contributing to a notable shift in customer mix: premium mass revenue represents 37.4 percent of total mass market tables GGR, up from 33.9 percent in the financial year ended 31 December 2024.”
The company stated: “The strategic rollout of higher-margin side bet games has consistently elevated win rates over the past 12 months, exceeding pre-implementation benchmarks.”
“As a result, mass market tables’ average daily GGR in first-half 2025 has already surpassed the average daily GGR in the financial year ended 31 December 2019,” it added.
First-half revenue from the house-managed VIP segment – which NagaCorp calls “premium VIP” – rose by 13.5 percent year-on-year, to US$68.5 million. That was on rolling volume that stood at nearly US$3.40 billion, up 87.9 percent from first-half 2024.
“This robust rebound was fuelled by the gradually return of high-value business travellers to Cambodia and increased gaming spend among our premium VIP clientele,” the company said.
“These patrons consist primarily of regional business owners who exhibit higher spending power, extended stays, and frequent repeat visitation,” the firm observed.
VIP revenue from the “referral” segment was US$31.7 million, up 1.9 percent year-on-year, on rolling volume of just under US$1.12 billion, an increase of 36.3 percent from the first six months of last year.
NagaCorp has an expansion project for its NagaWorld complex, which it calls Naga 3. Last year, the casino firm said it was likely to reduce the cost and scale of Naga 3.
