NagaWorld reports $1.29B in Q3 gross gaming revenue

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Traffic passes in front of NagaWorld hotel and casino complex in Phnom Penh. Post Pix

Nagaworld, which holds an exclusive licence to operate in Phnom Penh, reported a 20 per cent year-on-year gain in gross gaming revenue (GGR) of nearly $1.29 billion in the first nine months of this year, according to GGRAsia. 

GGRAsia, which is an online newsletter that covers the Asian sector of the casino industry, cites a report filed by the company to the Hong Kong Stock Exchange last week.

 

The report shows that NagaCorp recorded net gaming revenue of $616.3 million for the nine months ended on September 30, up 28.5 per cent year-on-year.

“The financial results for the nine months ended September 30, 2019, show that the group continues its journey of growth,” the report said.

The company said its mass-market table buy-ins climbed 37.9 per cent to $1.22 billion during the period, while the bills-in tally for its electronic gaming machines gained 27.9 per cent to $2.05 billion.

In the VIP table games segment, its rolling chip turnover was up by 35.3 per cent to almost $33.87 billion.

“The increase in VIP business volume was driven by the continued influx of business visitation, tourists and increased footfall to NagaWorld Complex, in particular, Naga 2 where there has been customer demand for higher table limits,” the company said.

The firm cited political stability in Cambodia, an improving operating environment, business growth at Naga 2 – a massive $369 million hotel and gaming extension to NagaWorld – tourism and the expansion of its VIP gaming business among the reasons for its results for the first nine months of this year.

 

China provides the bulk of the Kingdom’s tourist arrivals as mainland gamblers are widely viewed as the Asia-Pacific region’s most lucrative clients. NagaCorp said there were more than 1.5 million arrivals from China up to the end of July.

The Naga 3 project, which is located on the site of the former ‘White Building’, has started soil tests and the selection of suitably qualified regional piling contractors, which shall be appointed soon, the company said.

“Duration of the piling works is expected to last between 18 to 24 months,” it said.