Naga3 in advanced planning stage

NagaCorp says the third phase of its IR in Phnom Penh is in the advanced planning stage, after the opening of Naga2 late last year helped to almost double gross gambling revenue in the first nine months of the year.

Total GGR was $1.07 billion, up 94 percent, with VIP rollings up 128 percent to $25.03 billion and mass table buy-ins up 57 percent to $887 million.

“In view of the success and fast ramp-up of Naga2 and often times facing capacity constraints for both gaming and non-gaming areas, increasing inbound tourism especially from China and the stable political environment, the group is in advanced stages of planning for the development of Naga3,” the company said in a filing to the Hong Kong Stock Exchange.

“Based on feedbacks from stakeholders, the group is confident that additional capacity is necessary to further fuel business growth (both gaming and non-gaming) to position the group as one of the most successful integrated resorts in Asia.”

Total international tourist arrivals increased by 11.1 percent to 3,455,716 visitors in the first seven months of 2018. Of the top 10 markets, China was the highest at 31.7 percent, followed by Vietnam, Lao PDR, Korea and Thailand.

For Q3 alone, Union Gaming points out that mass gaming beat expectations, increasing by 64 percent in the period, while VIP underperformed its expectations with a 153 percent surge to $8.2 billion, below the firm’s forecast for $9 billion.

“Given the lumpiness of VIP we are not concerned by the delta,” it said. “Further, and similarly to mass tables, we generally expect 4Q to be stronger than 3Q. With increased junket awareness of Naga2, and some of the best commissions available in the whole of Asia, we expect this segment to continue to post better-than-Macau growth rates for the foreseeable future.”

 

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