NagaCorp posts growth across all segments in 17H1

Cambodian casino operator NagaCorp posted a boost in net profit for the half year ended June 30, 2017, attributed to robust business volume growth across all segments, particularly in VIP.

Net profit for the period reached US$150.6 million, a 20 percent year-on-year growth compared to 16H1.

NagaCorp said VIP rollings increase 71 percent in the half-year to US$7.8 billion.

Mass market table buy-ins also saw growth, reaching US$375.2 million, representing growth of 23 percent year-on-year, while mass market EGM bills-in increase 15 percent to US$853.1 million.

NagaWorld achieved strong gross gaming revenue growth of 40 percent in 17H1, reaching US$386.8 million, added the operator.

NagaCorp said the growth in GGR and business volumes was attributable to continued confidence in the political climate and social order of Cambodia’s operating environment - leading to increasing visitation, especially from China. Confidence in Cambodia’s operating environment has also lead to increasing economic activity, resulting in increasing numbers of investors and a growing expat population in Phnom Penh and driving footfall into NagaWorld.

Finally, as a consequence of a strengthening balance sheet, players are expressing more confidence, checking in more money, placing higher bets and generating a significant increase in business volume, especially in VIP rollings, noted the operator.

Regarding the TSCLK Complex, also known as Naga2, the company said the development is now undergoing fit-out and is expected to be operational in 17Q4. 

The company has declared an interim dividend for shareholders and a distribution for the Bondholder of US2.08 cents per share, representing a payout ratio of 60 percent based on the net profit for the period.

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