Cambodian casino operator NagaCorp Ltd reported a 17.7-percent rise in gross gaming revenue (GGR) for the first three months of 2025, reaching nearly US$171.2 million, according to a non-statutory filing made to the Hong Kong Stock Exchange on Monday.
NagaCorp holds a monopoly licence for casino operations in Cambodia’s capital, Phnom Penh, where it runs the NagaWorld complex (pictured in a file photo).
The aggregate mass-market table buy-in and slots bills-in amounted to just under US$997.3 million in the three months to March 31, a 4.8-percent increase compared to the same period in 2024. GGR for this segment rose by 17.9 percent year-on-year, to US$109.0 million in the reporting period.
The company’s overall VIP segment also saw year-on-year improvements during the first quarter.
NagaCorp divides the segment between its house-managed “premium VIP” and “referral VIP”, the latter involving VIP customers introduced by external parties. GGR from the premium VIP segment for January to March 2025 was more than double that of the referral VIP segment.
Premium VIP GGR for the first three months of 2025 stood at US$42.9 million, a 20.6 percent year-on-year increase. Rolling volume for the premium VIP segment was approximately US$2.01 billion, representing a 72.6-percent jump.
The referral VIP segment also showed year-on-year double-digit growth, albeit at a slower rate than premium VIP. GGR rose by 11.0 percent to US$19.3 million, supported by a 41.3-percent increase in rolling volume, which reached US$496.5 million.
NagaCorp was among the Asian casino-related firms that saw sharp declines in share prices on Monday – its valuation ended 19.9-percent lower in Monday’s trading in Hong Kong.
The sell-off was triggered by last week’s announcement by U.S. President Donald Trump of a plan to establish a 10-percent baseline tariff on imports from nearly every country, although many nations are subject to higher rates. That is the case for Cambodia, which faces a 49-percent tariff on its exports to the United States.
Net profit for 2024 at NagaCorp fell by 38.3 percent year-on-year, though group revenue was up 5.5 percent from the previous year, the firm said last month.
Annual net profit was US$109.6 million, compared to US$177.7 million in 2023. The decline was “primarily attributable” to a non-cash impairment loss of US$89.1 million recognised on the group’s casino construction project in Primorye, near the Russian Pacific port city of Vladivostok.
