The chairman of Cambodian casino operator NagaCorp, Philip Lee Wai Tuck, attributed the group’s recently improved results to mass market growth, premium tables and a recovery in the country’s tourism.
The company, which operates the NagaWorld integrated resort in Phnom Penh, posted a net profit of $148.8 million in the six months to June, while earnings before interest, tax, depreciation and amortisation (EBITDA) reached $200.3 million.
‘Our 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’, chairman Philip Lee Wai Tuck said in a statement to shareholders included in the group’s 2025 interim report.
Mass market tables were a key growth engine, generating 24 percent year-on-year revenue growth, driven by higher win rates and increasing play from Cambodia’s expatriate community, ASEAN visitors, and returning Chinese tourists. The segment has now recovered to 97 percent of pre-pandemic levels.
‘The resilience of NagaWorld’s captive domestic market with a growing expatriate population gives us a unique advantage and competitive position,’ Lee said.
Premium mass tables also delivered gains, accounting for 37.4 percent of mass market gaming revenue compared with 33.9 percent a year earlier, aided by new high-limit products.
The premium VIP market recorded an 87.9 percent surge in rolling chip volumes, while electronic gaming machines generated activity above pre-COVID peaks. Together, mass market and premium VIP play contributed more than 90 percent of the group’s gross gaming revenue.
Non-gaming revenues also edged higher, rising 2.1 percent, supported by international events and improved hotel occupancy at the Phnom Penh resort.
The results come against the backdrop of a broader tourism revival in Cambodia, which the company said had become a key catalyst for growth.
The country welcomed 3.4 million international arrivals in the first half, a 6 percent year-on-year increase, as airlines expanded routes and flight frequencies. By mid-August, weekly international flights reached 539, up 11 percent from a year earlier.
Cambodia expects up to 7.5 million international visitors in 2025, helped by government-backed tourism campaigns and new infrastructure, including Phnom Penh’s Techo International Airport, due to open later this month with capacity for 15 million passengers annually in its initial phase.
‘As the only integrated resort operating in Phnom Penh, NagaWorld continues to benefit from this ongoing tourism recovery,’ Lee said. ‘Supported by steady economic growth, NagaWorld is well-positioned to benefit from the increasing influx of both leisure and business travellers.’
