Phnom Penh monopoly casino operator NagaCorp reported a 2.1 percent year-on-year increase in gross gaming revenue (GGR) for the first quarter of 2026, as declines in VIP segments offset continued strength in mass market play.
Data disclosed in a voluntary update released on Wednesday noted that NagaCorp’s GGR reached $174.7 million for the three months ended March 31st, compared with $171.2 million a year earlier, while net gaming revenue rose 7.9 percent year-on-year to $160.0 million.
The modest growth marks a sharp slowdown from the group’s strong performance in 2025, when GGR rose 27.4 percent year-on-year to $691.6 million, supported by gains in VIP and premium mass segments. Net profit increased 56 percent to $309.9 million, with the mass market contributing 69.3 percent of total revenue and positioned as the key driver of sustainable growth.
In 1Q26, mass market segments continued to expand. Public floor tables GGR rose 23.9 percent year-on-year to $91.3 million, supported by a 15.7 percent increase in buy-ins. Electronic gaming machines (EGMs) generated GGR of $38.3 million, up 8.4 percent, with bills-in rising 21.3 percent.
The performance suggests ongoing momentum in the core mass segment, which the company had previously identified as central to its long-term growth strategy.
However, VIP segments contracted significantly during the quarter. Premium VIP GGR fell 16.2 percent year-on-year to $35.9 million, with rolling volumes down 42.2 percent. Referral VIP GGR dropped 52.4 percent to $9.2 million, alongside a 54.5 percent decline in rollings.
