NagaCorp Shows Glimpses of Recovery Despite Russian Casino Project Pause

April 5, 2022 Cambodia Earnings & Filings

NagaCorp’s non-VIP gaming segments all rose year-on-year in Q1
The company has struggled with COVID-19 restrictions and with issues with two other projects
NagaCorp has paused work on its planned Russian casino resort due to current uncertainties
The casino company had originally been planning to open the Russian casino in 2022

Green shoots of recovery
NagaCorp seems to be gradually bouncing back from some of its recent struggles. The Hong Kong-listed casino company has announced its first quarter financial results, showing a 14% year-on-year drop in gross gaming revenue to $110m. A large reason for the drop is a fall in VIP gaming levels.

However, the first quarter results were much better than the final quarter of last year. Its non-VIP gaming segments all had improvements year on year amid the lifting of COVID-19 restrictions.

Last year, the company reported a $147m net loss.

It has been a rough couple of years for NagaCorp. Like many other casino operators, it struggled due to COVID-19 restrictions on land-based properties. Its Cambodia casinos had to close down between March 2021 and September 2021. Last year, the company reported a $147m net loss. There have also been delays to the development of a new casino in Cambodia, as well as the suspension the development of a casino project in Russia.