NagaCorp, the operator of Phnom Penh’s NagaWorld casino resort, posted a sharp jump in its profits for the first half of the year as Cambodia’s tourism revival and rising gaming demand boosted results.
Net profit for the six months to June 30th rose 68.9 percent year-on-year to $148.8 million, the Hong Kong-listed group said in a statement. Earnings before interest, tax, depreciation and amortisation climbed 38.5 percent to $200.3 million.
Gross gaming revenue (GGR) increased 17.2 percent to $332.3 million, with mass-market gaming leading the growth. The mass-market segment, which accounted for nearly 70 percent of total GGR, grew 20.9 percent to $232.1 million, while VIP revenue rose 9.6 percent to $100.2 million.
The company declared an interim dividend of US cents 1.01 per share, its first cash payout since 2021.
NagaCorp credited the stronger results to a rebound in Cambodia’s tourism sector, with international arrivals rising 6 percent in the first half to 3.4 million, and air connectivity nearing pre-pandemic levels.
Phnom Penh International Airport has recovered to 98 percent of 2019 traffic, while new direct routes from China, Southeast Asia and the Middle East are boosting arrivals.
The group said average daily business volumes in its mass-market segment climbed 11.6 percent year-on-year, nearly reaching pre-pandemic levels, while premium VIP rolling volumes surged 89 percent.
NagaCorp added that its long-term growth outlook remains underpinned by Cambodia’s economic expansion, rising foreign investment and government efforts to position the country as a regional tourism hub. A new international airport outside Phnom Penh is due to open in September, with capacity for up to 15 million passengers annually.
The company, which suspended dividends during the pandemic, said the resumption of payouts reflected confidence in its financial position and sustained cash flow.
