Cambodian casino operator NagaCorp Ltd reported a net profit of US$309.9 million for full-year 2025, compared with a US$109.6-million profit a year earlier. In 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.
The Hong Kong-listed firm has a long-life casino monopoly in the Cambodian capital Phnom Penh, where it runs the NagaWorld casino resort (pictured).
Group-wide revenue for 2025 was nearly US$709.7 million, up 26.2 percent from a year earlier, the company said in a Monday filing.
NagaCorp’s earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at US$404.4 million last year, up from US$202.8 million in 2024.
The casino firm also said its EBITDA margin expanded to 57.0 percent and net profit margin increased to 43.7 percent in 2025.
“These gains were supported not only by sustained volume growth across all business segments but also by the group’s strategic focus on growing and optimising players’ experiences and services in the mass market segment, including the introduction of higher-margin products such as side bet games,” the company stated.
NagaCorp declared a final dividend of US$0.0109 per share – amounting to US$48.3 million in aggregate –, to be paid on August 7. The firm said the dividend represents “a payout ratio of 30 percent” based on the net profit generated for the second half of 2025.
“The distribution of cash dividend underscores our long-term commitment to shareholders’ returns and confidence in funding strategic growth initiatives alongside sustainable capital distributions,” the company stated.
Higher margin side bets
Gross gaming revenue (GGR) from the NagaWorld operation rose 27.4 percent year-on-year, to US$691.6 million in in 2025. The company said the better performance was “driven by higher business volumes” in 2025.
Mass-market table revenue rose 27.2 percent year-on-year, to US$342.4 million. Mass-market electronic gaming machine revenue went up by 13.5 percent, to US$142.6 million.
NagaCorp said the group’s performance in the mass-market segment was supported by “solid business volume growth of 12.6 percent, coupled with a higher win rate of 22.9 percent”.
“The strategic rollout of higher margin side bet games has led to elevated win rates over the past 12 months,” the firm noted. “The higher win rate alone contributed approximately US$39 million in incremental revenue during the year.”
The firm added: “Our premium mass high-limit areas continue to attract higher-value patrons, significantly enhancing mass market table yield and driving a notable shift in customer mix.”
According to Monday’s filing, premium mass revenue represented “38.5 percent of total mass market tables GGR,” up from 33.9 percent in 2024.
Revenue from the house-managed VIP segment – which NagaCorp calls “premium VIP” – rose 32.1 percent year-on-year, to US$136.2 million last year. That was on rolling volume that stood at US$5.50 billion, up 51.6 percent from 2024.
“The strong rebound was fuelled by the increased influx of higher-value business travellers into Cambodia and higher gaming spend among our premium VIP clientele,” NagaCorp stated.
“These patrons consist primarily of regional business owners who demonstrate stronger spending power, extended stay durations and frequent repeat visitation,” it added.
VIP revenue in 2025 from the “referral” segment was US$70.4 million, up 57.2 percent year-on-year, on rolling volume of US$2.32 billion, an increase of 17.2 percent from the prior year.
NagaCorp in December announced the termination of a subscription agreement that would have seen the company raise funds for its Naga 3 expansion project at the NagaWorld casino complex.
Nonetheless, the company stated its intension to continue with the development of the Naga 3 project. The firm had previously said that it was likely to reduce the cost and scale of the expansion scheme.
