Cambodian casino operator NagaCorp Ltd. reported strong operational growth for the nine months ended September 30th, 2025, driven primarily by its premium VIP market segment.
According to an announcement on the Hong Kong Stock Exchange on October 1st, the premium VIP segment recorded rolling volumes of $4.69 billion, a 77.7 percent increase compared with $2.64 billion in the same period last year. Gross gaming revenue (GGR) from this segment reached $109.8 million, up 35.8 percent year-on-year, underscoring robust high-roller activity at the company’s NagaWorld integrated resort in Phnom Penh.
Overall, NagaCorp posted total GGR of $532.2 million for the nine-month period, a 29.6 percent increase from $410.8 million in 2024. Net Gaming Revenue rose 30 percent to $466.5 million, reflecting strong performance across multiple segments.
The referral VIP segment also showed substantial gains, with rolling volumes rising 46.5 percent to $2.05 billion, while GGR grew 45.3 percent to $57.9 million. This highlights continued strength in the company’s high-value customer base beyond direct premium operations.
Meanwhile, the mass market segment maintained steady growth. Public floor tables recorded buy-ins of $1.13 billion, up 14.1 percent year-on-year, with GGR climbing 29.9 percent to $258.4 million. Electronic gaming machines saw bills-in increase 13.5 percent to $2.16 billion, generating GGR of $106.1 million, a 16.4 percent improvement.
These results build on momentum highlighted in NagaCorp’s interim report in mid-September, when Chairman Philip Lee Wai Tuck credited mass market growth, premium tables, and a recovery in Cambodia’s tourism sector for the company’s improved performance. For the six months to June 2025, NagaCorp reported a net profit of $148.8 million and EBITDA of $200.3 million.
Lee noted that the group’s “relatively stable performance reflected the gradual recovery of both leisure and business-related visitation to NagaWorld, along with the stable captive domestic market that has proven to be a self-sustaining business.”
He further emphasized that mass market tables had emerged as a key growth driver, delivering 24 percent revenue growth in the first half, supported by higher win rates and increased play from Cambodia’s expatriate community, ASEAN visitors, and returning Chinese tourists. The segment recovered to 97 percent of pre-pandemic levels.
