NagaCorp net profit up 39 percent in 2017

Cambodian casino operator NagaCorp reported a 39 percent increase in net profit for the full-year 2017, reaching $255.2 million.

Gross gaming revenue increased by 85 percent to $926 million, while EBITDA increased by 25 percent to $319.7 million.

Nagacorp said it continued to achieve solid growth in the mass market segment, with mass market table buy-ins up 28 percent to $787.8 million and electronic gaming machines bills-in up by 21 percent to $1.8 billion.

The growth in business volume is attributed to an improved headcount due to visitation and tourism growth into Cambodia - particularly from China which recorded 46 percent growth in 2017, said the company.

The VIP market also registered growth in the year, as a result of increasing market confidence in

NagaWorld as an integrated gaming and entertainment destination. VIP rollings increased 142 percent to $21.1 billion in 2017.

Nagacorp said the opening of Naga2 in November 2017 has significantly increased the quality and range of VIP, mass gaming and non-gaming offerings, providing the Group with a product comparable in quality to integrated resorts in more established gaming destinations.

In respect to the group’s project in Vladivostok, Russia, Nagacorp said it remains broadly on schedule for operation by 2019.

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