Nagacorp 9-month VIP volume surges 67 percent

Nagacorp, which runs Cambodia’s NagaWorld, reported VIP rollings in the nine months to the end of September surged 67 percent to $11 billion, as it continued to benefit from increased China visitation to the country.

The company, which is scheduled to open it Naga2 complex in the next few weeks, said mass table buy ins during the period were $566 million, up 24 percent, while electronic gaming machines bills in gained 16 percent to $1.3 billion.

Union Gaming analyst Grant Govertsen in a note said all segments continue to exhibit strong growth and are “already on pace with our full 2H17.

For Q3 alone, Govertsen calculated that VIP volume gained 57 percent, with a rise of 26.7 percent for mass and 17.1 percent for slots and EGMs.

“Our full 2H17 VIP volume estimate is +64 percent and includes the benefit of Naga2 for the last two months of the year. Given the current trajectory of VIP, in addition to what should be a VIP spike post Naga2 opening, upside to our VIP estimate is likely,” he said.