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Cambodia NagaCorp is enjoying a solid run

by [email protected]
Cambodia NagaCorp

The massive casino complex of NagaWorld, in Cambodia, is enjoying a solid performance so far this year. According to a filing with the Hong Kong Stock Exchange, NagaCorp., which owns the complex, has seen the venue take in $1.29 billion in gross gaming revenue (GGR) from January to September, marking a 20.2% increase over the same period last year. Net gaming revenue at the property has seen an even bigger year-on-year jump.

NagaWorld has continued to grow over the years and, with that growth, the property has been able to attract more business. The original NagaWorld opened in 2006 and is now seen as Naga 1.

An expansion project that opened in 2017, Naga 2, gave the venue a boost and, across the first nine months of the year, NagaWorld was happy to report an increase in net gaming revenue of $616.3 million. This was 28.5% higher compared to the same nine months last year.

If history holds true, the complex could be expected to see even better performance. Another expansion project is anticipated, Naga 3, which was recently approved by shareholders. That project, three times larger than Naga 1 and Naga 2 combined, has a budget of $3.5 billion and could be ready by 2025.

It doesn’t hurt that Cambodia NagaCorp has an exclusive operating license for Cambodia’s capital, Phnom Penh, and surrounding areas. That type of control, coupled with a recent ban on online gambling, is going to continue to drive the company’s revenue upward.

NagaWorld saw a 37.9% year-on-year increase in mass-market table buy-ins during the period, reporting a take of $1.22 billion. Electronic gaming machines also proved popular, seeing an increase of 27.9% to $2.05 billion. A 35.3% increase in rolling chip turnover from VIP gamblers, for a total of $33.87 billion, also served to give the property a huge boost.

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