Good morning. Cambodia’s gaming market continues to see a gradual recovery, with NagaCorp reporting strong mass play, amid a resurgence of international visitors, including Chinese punters. The group’s mass revenue was up 33 percent yearly in 1H24, however lackluster VIP revenue and a hefty impairment from its Vladivostok project dragged the group to a $1 million loss. Meanwhile, Macau’s legacy operator SJM managed to substantially reduce its loss in the first half, seeing growth in revenue and EBITDA, as well as improving its market share.
What you need to know
- NagaCorp sees increase in mass revenue, as footfall normalizes, but Vladivostok project impairment drags group to $1M loss in 1H24.
- SJM’s 1H24 loss reduced by 87% to $20.8M, with substantial revenue and EBITDA growth, and market share rising to 12.5%.
On the radar
- Royal Turf Club of Thailand reveals plans for $5.8B IR project.
- POGO employee permits to be extended until year-end: report.
- Macau retailer DFS lays off 80 due to rapid market changes.
- Ainsworth results down in 1H24 as APAC, LatAm and Europe sales drop.
- AMLC sees reduced money laundering following POGO ban.
- PH President: investigation of Alice Guo‘s flight “almost finished”.
AGB Intelligence
CAMBODIA
NagaCorp falls to loss on Vladivostok impairment, despite mass uptick
NagaCorp’s first half-year results were weighed down by a significant impairment from its indefinitely stalled Vladivostok project, pulling the group to a $1 million loss from what would have been an $88 million profit in 1H24. The results were bolstered by strong mass performance at NagaWorld, with the return of visitation, including Chinese punters. VIP meanwhile failed to rise to the occasion. The group remains confident, however, that the tourism sector will maintain its recovery.
Corporate Spotlight
1xBet: The most popular gambling games and slots in Asia
For global betting company 1xBet, Asia is a key market for several reasons. This is why 1xBet pays special attention to the Asian market and actively promotes its sports betting platform and the most popular gambling games on the continent.
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