Cambodian casino operator NagaCorp Ltd says its gross gaming revenue (GGR) for the first nine months of 2025 increased by 29.6 percent year-on-year, to just above US$532.2 million, according to a non-statutory filing made to the Hong Kong Stock Exchange on Wednesday.
NagaCorp holds a monopoly licence for casino operations in Cambodia’s capital, Phnom Penh, where it runs the NagaWorld complex (pictured).
The aggregate mass-market table buy-in amounted to just under US$1.13 billion in the nine months to September 30, a 14.1-percent increase from a year earlier. GGR for this segment rose 29.9 percent year-on-year, to US$258.4 million in the reporting period.
Aggregate slots bills-in amounted to US$2.16 billion in the first nine months this year, a 13.5-percent increase compared to the same period in 2024. GGR in this segment stood at US$106.1 million, 16.4-percent higher than a year earlier.
The company’s overall VIP segment also saw year-on-year improvements during the reporting period.
NagaCorp divides the segment between its house-managed “premium VIP” and “referral VIP”, the latter involving VIP customers introduced by external parties.
Premium VIP GGR for the January to September period stood at US$109.8 million, a 35.8 percent year-on-year increase. Rolling volume for this segment was about US$4.69 billion, representing a 77.7-percent growth.
GGR in the referral VIP segment rose 45.3 percent year-on-year, to US$57.9 million, supported by a 46.5-percent increase in rolling volume, which reached US$2.05 billion.
First-half 2025 net profit at NagaCorp stood at US$148.8 million, on group revenue that rose 16.8 percent year-on-year, to circa US$341.8 million, according to an August announcement.
Philip Lee Wai Tuck, NagaCorp’s chairman, said in the company’s interim report that the improved GGR performance in the first half this year was due to a “steady increase” in the mass-market tables segment, particularly boosted by “higher-margin side bet games”.
