NagaCorp’s gross gaming revenue (GGR) fell 21.5 percent year-on-year to $417.9 million in the first nine months of 2026, as VIP revenue declines deepened and both mass-market tables and electronic gaming machines recorded lower revenue.
The decline widened from the 8.6 percent decrease reported for the first half. Net gaming revenue fell 16.7 percent to $388.7 million in the nine months ended September 30th, according to the company’s October 2nd filing.
Premium VIP GGR dropped 40.1 percent to $65.8 million, while referral VIP revenue fell 72.5 percent to $15.9 million. Those declines compared with decreases of 21.4 percent and 63.9 percent, respectively, in the first half.
The revenue weakness accompanied sharp contractions in VIP activity. Premium VIP rolling volume fell 55.4 percent to $2.09 billion in the first nine months, while referral VIP rollings declined 75.6 percent to $500.3 million.
Mass-market revenue turns lower
The latest figures also showed a reversal in cumulative mass-market revenue growth, weakening a segment that had helped cushion the VIP downturn during the first half.
Public-floor table GGR declined 10 percent year-on-year to $232.7 million in the first nine months, compared with 2.8 percent growth in the first half. Table buy-ins fell 12.9 percent to $981.7 million, after increasing 0.4 percent during the first six months.
Electronic gaming machine revenue decreased 2.5 percent to $103.4 million, reversing first-half growth of 2.6 percent. However, bills-in continued to expand, rising 9.7 percent to $2.37 billion over the nine-month period.
In its interim results released in August, NagaCorp had described ‘a moderation in business momentum’ during the second quarter. Despite that slowdown, its combined mass-market GGR had still increased 2.7 percent for the first half.
The company also attributed the first-half VIP downturn to weaker regional travel, higher airfares, fewer direct international flights and ‘negative international perceptions associated with online scam activities in Cambodia’.
NagaCorp said at the time that its VIP business was particularly exposed to travel disruptions and economic fluctuations because of its reliance on cross-border business, premium leisure travelers and high-net-worth customers.
