NagaCorp‘s gross gaming revenue fell approximately 20 percent year-on-year to $129.0 million in the second quarter of 2026, with VIP GGR nearly halving.
The quarterly total, calculated by AGB using the company’s first-quarter update and interim results, compares with $161.1 million a year earlier and was 26.2 percent below the $174.7 million generated in 1Q26.
The calculations indicate that VIP GGR fell by 46.9 percent to $20.2 million during the quarter, while combined mass table and electronic gaming machine GGR declined by 11.6 percent to $108.7 million. The performance marked a reversal from 1Q26, when NagaCorp recorded 2.1 percent year-on-year GGR growth.
Management observed ‘a moderation in business momentum’ during the second quarter. NagaCorp said the FIFA World Cup likely affected visitation because match schedules coincided with the casino’s peak operating hours, potentially diverting customers from its gaming floors.
For the first six months of 2026, NagaCorp’s GGR declined by 8.6 percent to $303.7 million, while consolidated revenue fell by 8.4 percent to $313.2 million.
VIP volumes retreat
VIP GGR dropped by 34.8 percent to $65.3 million during the first half, compared with $100.2 million a year earlier.
Premium VIP rolling volume fell by 50.2 percent, although the corresponding GGR declined by a narrower 21.4 percent due to a higher win rate. Referral VIP rolling volume plunged by 67.6 percent, with GGR falling by 63.9 percent.
NagaCorp linked the VIP downturn to weaker regional travel, higher airfares resulting from rising jet fuel prices, and fewer international direct flights to Cambodia. It also cited ‘negative international perceptions associated with online scam activities in Cambodia’, which it said had affected the country’s reputation as a safe travel destination.
NagaCorp also cited a 28.9 percent year-on-year decline in international tourist arrivals through Cambodia’s main airport gateway during the first half.
Mass gaming supports margins
Despite the second-quarter contraction, mass-market GGR for the first half increased by 2.7 percent to $238.3 million, supported by a 6.2 percent rise in combined table buy-ins and EGM bills-in. The segment accounted for 78.5 percent of group GGR, up from 69.8 percent in 1H25.
The growing contribution from higher-margin mass gaming limited the impact of the revenue decline on earnings. EBITDA fell by 2.4 percent to $195.4 million, while net profit decreased by 3.2 percent to $144.0 million.
The company declared an interim dividend of 0.98 US cents per share, representing a cash distribution of $43.2 million and a payout ratio of 30 percent. NagaCorp said it had fully repaid a $70 million shareholder’s loan in May and had no outstanding borrowings as of 30th June.
