GGRAsia – NagaCorp posts 35-pct casino revenue jump in 1Q 2016

NagaCorp posts 35-pct casino revenue jump in 1Q 2016

Apr 05, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck

Cambodia casino operator NagaCorp Ltd recorded gross gaming revenue of US$153.8 million in the first quarter of 2016, representing an increase of 35 percent in year-on-year terms.

The revenue improvement was helped by 65 percent growth in VIP rolling chip turnover to US$2.79 billion, the firm said in a voluntary Monday filing to the Hong Kong Stock Exchange. It detailed “unaudited operational highlights” for the first three months of 2016.

The firm neither provided figures regarding profit for the company nor gave any commentary on the reasons for the growth in gross gaming revenue during the period.

NagaCorp is the operator of NagaWorld (pictured), the only casino resort in Cambodia’s capital Phnom Penh.

The firm’s Monday filing added that “mass electronic gaming machine bills-in” stood at US$381.1 million in the first quarter of 2016, up by 32 percent in year-on-year terms. “Mass public floor table buy-ins” recorded a growth of 15 percent to US$149.9 million, the firm stated.

NagaWorld “had in place” 287 gaming tables – including 200 VIP tables – and 1,656 electronic gaming machines at the end of 2015, according to the company’s annual report filed on March 15.

The chairman of NagaCorp confirmed to GGRAsia last month the shortlisting of the firm regarding a casino licence in the Republic of Cyprus. The shortlist was described in media reports as involving three parties: NagaCorp; a consortium involving Melco International Development Ltd; and Philippine casino operator Bloomberry Resorts Corp.

In May last year NagaCorp broke ground on a casino resort it plans to build in a special economic zone in Primorsky Krai in the Russian Far East.

NagaCorp posted a net profit of US$172.6 million for 2015, up by 26.8 percent from the previous year. Revenue for the period increased by 24.6 percent year-on-year to US$503.7 million, the firm said in a February filing.