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NagaWorld Casino business stable during Macau shutdown

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NagaWorld business stable during Macau shutdown

The chairman of Cambodia casino operator NagaCorp Ltd has affirmed that its gambling business at the firm’s NagaWorld complex in Phnom Penh has been steady in the first quarter, notwithstanding the global coronavirus alert and the shutdown of the Macau casino market.

The NagaWorld Casino chairman further noted that the Chinese New Year period is typically slower as participants are home with family. They are only six weeks into the first quarter so we will have a much better read of the situation over the next few weeks.

Union Gaming Securities LLC had said in a Tuesday note, following the publication on Monday of the Hong Kong-listed casino firm’s full-year earnings: “We suspect Naga, at least at the margin, has picked up some displaced customers from Macau.”

The mainland-China originating novel coronavirus infection has led to a sharp decline in tourism around Southeast Asia, particularly with regard to outbound tourism by Chinese. Authorities around the region have introduced a number of measures to cut travel – namely by people originating from China – so to reduce the risk of further spread of the coronavirus.

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NagaCorp said in its Monday announcement that increased tourism to Cambodia, including a 20-percent growth in arrivals from mainland China in the first 11 months of 2019, had contributed to its business growth. NagaCorp stated its NagaWorld casino complex recorded gross gaming revenue of nearly US$1.72 billion in full-2019. That represented an increase of 19.9 percent compared with 2018, it said.

Mr McNally said in his commentary to us: “It is important to note that Cambodia has not been impacted significantly by the coronavirus…”

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