Cambodia’s gaming operator, NagaCorp, has announced that it holds an aggregate amount of $404 million in a bank account, which is deemed ‘sufficient for the full repayment of the 2024 Notes, given the current rate and speed of cash generation of the group.’
The company shared this news through a voluntary announcement on the Hong Kong Exchange on Thursday.
NagaCorp notes that the aggregate amount of $404 million includes $324 million in unaudited cash and bank balances of the group as of October 17th, along with a loan of $80 million.
Early last week, the rating agency Moody’s issued a note indicating that NagaCorp’s earnings recovery has been slower than anticipated to date, although it should continue to improve over the next 12 months, benefiting from seasonal peaks in Cambodia’s tourist arrivals in the first and fourth quarters of each year.
Moody’s warned that a slower-than-expected recovery could potentially put pressure on NagaCorp’s liquidity.
Earlier this month, NagaCorp received a loan of up to $80 million with an 8 percent annual interest rate from ChenLipKeong Capital Ltd, a privately held company registered in the Cayman Islands. The lender is entirely owned by The Sakai Trust, a family trust established by Chen Lip Keong as the settlor, with the purpose of benefiting himself and his family.
NagaCorp operates NagaWorld, a casino resort monopoly in the Cambodian capital, Phnom Penh.