Cambodia-based NagaCorp has announced that it recorded a 99.5 percent increase in gross gaming revenue in 2022, topping $455.9 million, completely turning around a $147 million loss registered in 2021 to tally net profit of $107.25 million in 2022.

According to the company’s results, released on Wednesday, the group also saw a massive rebound in EBITDA, up to $245.4 million, compared to $15.6 million in the previous year.

The group notes that the results were mainly driven by the mass market, with mass table GGR topping $203.8 million ($66.5 million in 2021) and mass electronic gaming machines (EGM) revenues rebounding to $124.3 million ($44 million in 2021).

The group attributes the success to the ‘reasonably sized domestic market in Cambodia, as well as stable visitation to the property during the year’.

It also noted that business recovery was ‘supported by the gradual recovery of Cambodia tourism and visitation to the property in line with the easing of travel restrictions regionally’.

During the year the country welcomed 2.28 million tourists, up 1,059 percent.

Thailand was the nation’s leading country of visitation (where casinos are still illegal) – at 37.5 percent of visitors, followed by Vietnam – 20.4 percent of visitors.

The group is optimistic for 2023, noting it expects ‘the mass market, as well as the premium market, will continue to perform in 2023’, noting in particular China’s move to open up and lift quarantine requirements and border restrictions in January.

It also notes that Cambodia’s inclusion in the list of nation’s China has approved for outbound group travel will be a boon to its 2023 results.

The group is proposing a dividend of $0.75 per share for the period, totaling some 60 percent of the net profit generated in the second half of 2022.