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.

More news from this jurisdiction

CambodiaSunday, Jul 16, 2017

Hedge fund Nine Masts Capital is challenging the revised terms of the convertible bond deal between NagaCorp and its founder, arguing that the agreement would short change minority shareholders.

CambodiaFriday, Jul 14, 2017

NagaWorld will be subject to an additional tax bill on its non-gaming operations, similar to the $16.6 million tax that was imposed last year.

CambodiaMonday, Jun 26, 2017

Betsoft Gaming have signed a partnership deal with Clubvegas999.com, operated by Zustro.com, a site that works in association with the prominent land-based casino HaTien Vegas Entertainment resort.

CambodiaSunday, Jun 25, 2017

Founder and CEO of Nagacorp, Tan Sri Dr. Chen Lip Keong is now seeking a concurrent conversion of the TSCLK Complex and NagaCity Walk bonds, rather than his previously planned staggered conversion.

CambodiaFriday, Jun 16, 2017

Australian-listed Donaco International has signed a deal with international marketing agency Vivo Tower Ltd. to attract junkets from Macau, Hong Kong and Malaysia, according to a filing from the company to the ASX on Friday.

CambodiaThursday, Jun 08, 2017

A total of 79 casino licenses have now been issued in Cambodia’s gaming sector, with most of the new investment directed to Preah Sihanouk province, a government official said on Wednesday.

CambodiaTuesday, May 23, 2017

Seven Vietnamese nationals have been charged for illegally detaining 13 gamblers who owed them money, says a report from the Military police in Cambodia’s Svay Rieng province.