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.”

 

SHARE

Related Articles

Rightsizing Cambodia’s casino industry post-Covid 19

Rightsizing Cambodia’s casino industry post-Covid 19

Through government action and a cultural norm of wearing face masks when ill, Cambodia has seen few get sick during the COVID-19 pandemic. According to the World Health Organization, Cambodia has 275 COVID cases and zero COVID-related deaths as of the last week of September. 

Primorye’s gaming hub dream edges towards reality

The concept of a casino and entertainment hub in Russia’s Far East will take a further step towards fruition this summer with the expected opening of the Shambhala Casino.

Cambodia gaming down but not out after Covid-19, online gaming ban

Cambodia’s gaming industry has taken a major knock from the Covid-19 crisis and last year’s ban on online gaming, but those on the ground are optimistic it will bounce back stronger than ever.

Covid-19 turns out lights in most of Asia’s casinos

From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.

Primorye project seen moving ahead despite crisis

The Primorsky Krai Development Corp (PKDC), which is responsible for management of the Primorye gaming zone, expects a key project to move ahead in May this year, despite the outbreak of the coronavirus and remains upbeat about the region’s longer-term prospects.
Nagacorp

Moody’s cautious about NagaCorp expansion plans

Nagacorp, the operator of Cambodia’s NagaWorld, has undoubtedly been one of Asia’s integrated resort success stories, though credit ratings agency Moody’s is now sounding a note of caution about its expansion plans.

Moody’s says Nagacorp’s Angkor Wat plan “credit negative”

Credit ratings agency, Moody's says Nagacorp's planned development of a resort near the Angkor Wat temple complex is credit negative as it reduces the company's liquidity buffer. The plan pushes capital expenditure over the next five years to $4 billion.
NagaCorp gains development land near Angkor Wat

NagaCorp gains development land near Angkor Wat

NagaCorp has announced that it has received a fifty-year lease, with an option to renew, on a prime piece of development land sited just about 500 meters south of the outer restricted zone of Angkor Wat in Siem Reap, Cambodia.
Adam Steinberg Thumb

Adam Steinberg reflects on Cambodia, Online, Japan [video]

Adam Steinberg talks about the differences in culture and work ethic between the US and Cambodia, as well as the thinkings behind decisions made relating to online gaming and Japan.
Tim McNally Podcast

NagaCorp Tim McNally unfazed by pandemic, blacklist [Podcast]

Tim McNally checks in with Asia Gaming Brief Asia editor Felix Ng to discuss the moves that NagaCorp has been making to offset the decline in international visitation this year. McNally also comments on NagaCorp’s initial thoughts on the China Tourism Blacklist, which we have discussed extensively over the past few weeks.