Nagacorp has been confirmed as a “buy” by Union Gaming following the release of its Q4 results, though its target share price has been trimmed to $12.50 from $13.50 due to the new shutdown of NagaWorld.
Analyst John DeCree says the closure is unlikely to be as long as last year, but may delay the recovery process.
Longer term, “Naga is uniquely positioned for a continued strong recovery with a deep local market and a large barrier to entry with its exclusivity in Phnom Pehn, coupled with a robust long-term growth profile supported by continued organic economic growth in Cambodia and the planned Naga 3 development.”
A local union in Jeju held a public demonstration in which it pledged to work for the interests of casino workers who have been badly affected by the coronavirus pandemic and related crisis for the tourism industry.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.