NagaCorp tips 40 pct profit hike in 1H on slot deal
Cambodia casino operator NagaCorp Ltd says it expects its first half net profit to rise “not less than 40 percent” compared to the prior-year period.
It anticipates such profit in the six months to June 30 to be “not less than US$100 million and potentially more”, it stated in its profit warning.
The half year results are likely to be published in mid-August 2015, the firm said.
It added in a Monday filing to the Hong Kong Stock Exchange that the improvement in net profit is “largely attributable to the US$40 million receipt by the group from certain investors” that will work with the firm to operate a new electronic games business at its NagaWorld casino resort (pictured) in the Cambodian capital Phnom Penh.
NagaCorp had said in a filing on May 28 that the outside investors would be entitled to 30 percent of the revenue generated from the 300-machine hall, with NagCorp taking the rest. The outside investors will also deposit another US$10 million with NagaCorp “at a later date” to purchase new electronic gaming machines.
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