Good Morning. Caution is the name of the game, as NagaCorp announces a four-year delay to the opening of its $3.5 billion Naga 3 expansion in Phnom Penh. The group cites inflation and the ‘geopolitical macroeconomic environment’ for the delay, as it aims to balance revenue and capex. And in Macau, analysts at Deutsche Bank have high expectations for the second quarter, predicting a four-fold increase in yearly revenue, with predictions FY23 could reach nearly $21.5 billion.

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What you need to know

  • NagaCorp announces delay on its $3.5 billion expansion project, Naga 3, citing inflation and the geopolitical macroeconomic environment.
  • Analysts at Deutsche Bank see Macau 2Q23 GGR rising fourfold yearly, with FY23 GGR to reach up to $21.47 billion.

On the radar

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NagaCorp, Naga 3

NagaCorp says $3.5 billion Naga 3 delayed by 4 years

Cambodian casino operator NagaCorp has announced that the $3.5 billion expansion to its Phnom Penh NagaWorld complex – Naga 3 – has been delayed by four years, until September of 2029. The group cites inflation and the global macroeconomic environment, noting that it needs to balance revenue with capex. The project delay comes after the group shelved its plans for an IR in Russia, but alongside positive upticks in its revenue.

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