• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

NagaCorp posts US$107mln 2022 profit, revenue doubles

Feb 09, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  


NagaCorp posts US$107mln 2022 profit, revenue doubles

Casino developer and operator NagaCorp Ltd reported a net profit of nearly US$107.3 million for full-year 2022, compared to a loss of US$147.0 million in the prior year. Such profit was on revenue that rose by 104.0 percent year-on-year, to US$460.7 million, said the company in a filing on Wednesday.

The group generated earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$245.4 million for full-year 2022, compared to US$15.6 million in the previous year.

Hong Kong-listed NagaCorp has a long-life monopoly casino licence for the Cambodian capital, Phnom Penh, where it operates its NagaWorld resort complex (pictured). In 2021, the casino at NagaWorld was shut from early March to September 15.

The firm announced on Wednesday it was proposing a final dividend of US$0.0075 per share by way of scrip shares, “without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment”. It said the proposal represented a “dividend payout ratio of approximately 60 percent,” based on the net profit generated for the second half of 2022.

NagaCorp said that a scrip dividend payment would benefit its shareholders while allowing the firm to “conserve cash flow” and improve the “trading liquidity” in its shares.

In July, the company declared an interim dividend of US$0.0073 per share, also by way of scrip shares. The firm did not pay any dividend last year.

NagaCorp’s gross gaming revenue (GGR) grew by 99.5 percent year-on-year, to US$445.9 million. The increase in gaming revenue was mainly supported by the mass-market segment, stated the company.

Revenue from mass-market tables reached US$203.8 million, up 206.7 percent from the prior year. GGR from electronic gaming machines increased by 182.6 percent year-on-year, to US$124.3 million.

As compared to the first half, the average daily table game buy-ins, and bills-in at slot machines “continued to recover in the second half of 2022,” growing by 5.4 percent sequentially, said the firm.

Revenue in its non-mass premium segment grew by 87.8 percent year-on-year, to US$91.4 million in 2022. “Rollings” in the segment more than doubled, to nearly US$2.93 billion. Nonetheless, the premium-market segment recorded a sequential decline of 1.8 percent during the second half of 2022.

Revenue in what the firm calls the “referral VIP” market, stood at US$26.4 million in 2022, down 59.1 percent from the prior year; “rollings” in the segment declined by 50.5 percent, to US$1.24 billion. The decline was “mainly due to the restrictive cross-border travel policies in the Asian region”, as countermeasures against Covid-19.

NagaCorp said average daily volumes in the referral VIP segment reached US$3.9 million in the second half of 2022, up by 31.0 percent from the first six months of the year. That was mainly because the “number of international direct flights to Phnom Penh continued to recover” in the second part of 2022.

The casino firm also said it was focused “on the execution of its development of Naga 3 project,” an expansion to its NagaWorld casino resort. It expected piling works to be completed by the end of this month.

NagaCorp also said in its Wednesday results filing that development of its planned gaming resort in Vladivostok, in the Russian Far East, remained “suspended indefinitely until the circumstance is clearer”. Construction work was stopped in March last year. At the time the stoppage was understood to be linked with Russia’s invasion of Ukraine, although that was not confirmed by NagaCorp.


  • tweet
Related articles
  • Let’s Win hosts grand opening for club at Hoiana in Vietnam
    Let’s Win hosts grand opening for...

    Mar 20, 2023  

  • Vietnam welcomes being on latest list for China tour groups
    Vietnam welcomes being on latest list...

    Mar 14, 2023  

More news
  • Nagasaki says Credit Suisse woes not to impact IR plan
    Nagasaki says Credit Suisse woes not to...

    Mar 20, 2023  

  • Macau GGR for March 1 to 19 at US$845mln: JP Morgan
    Macau GGR for March 1 to 19 at...

    Mar 20, 2023  


Latest News

Nagasaki says Credit Suisse woes not to impact IR plan

Nagasaki says Credit Suisse woes not to impact IR plan

Mar 20, 2023  

Credit Suisse Group AG, described last year by Nagasaki governor Kengo Oishi as one of several potential “financial arrangers” for a proposed casino resort project within that Japanese prefecture...
Read More
Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Mar 20, 2023  

Let’s Win hosts grand opening for club at Hoiana in Vietnam

Let’s Win hosts grand opening for club at Hoiana in...

Mar 20, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


1.59 million

Total number of visitor arrivals to Macau in February



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau visitor tally up 14pct m-o-m in FebruaryMacau visitor tally up 14pct m-o-m in February March 17, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Wynn Resorts to break ground for UAE in weeks: CFOWynn Resorts to break ground for UAE in weeks: CFO March 16, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us