NagaCorp reaches 57% increase in profit in first half of the year; gathers USD 83M

The Hong Kong-listed gaming and leisure developer NagaCorp, Ltd.’s mass market gaming has pushed the company to a 57.5% increase in net profit for the first half of 2013; totalling USD 83M in value.

Original story by Viviana Chan for Asia Gaming Brief

The company, which operates casino and resort NagaWorld in Phnom Penh, posted gross gaming revenue (GGR) of $252.3 million in the period, increasing 7.9 percent compared to 1H22.

According to the company’s results, released on Wednesday, the group also saw an improvement in EBITDA 1H23, up 10.1 percent to $143.2 million compared to the corresponding period last year.

The group notes that the positive results were mainly attributable to business volume growth across all business segments. “The average daily business volume for mass market continued to improve from $9.8 million for 1Q23 to $10.1 million for 2Q23, representing a sequential growth of 3.7 percent.”

Regarding VIP market, NagaCorp notes that average daily rollings in 1Q23 was $10.8 million, representing a 8.6 percent sequential growth to $11.8 million in 2Q23. And average daily rollings for the Referral VIP Market in 2Q23 was $6.1 million, representing a 40.9 percent sequential increase as compared to 1Q23.

In 2Q23, the average daily business volume of both the mass market and VIP market have recovered to 83.9 percent and 97.9 percent respectively, compared to FY2019. “Both the mass market and VIP market collectively contributed about 90 percent and 93 percent of the company’s total GGR and gross profit for the period respectively.”

In the same interim results, NagaCorp mentions that “Cambodia is showing a substantial recovery in its tourism sector.” For the period from January to May 2023, total international arrivals to Cambodia amounted to 2.2 million visitors compared to 2.9 million in the pre-pandemic period of January to May 2019. This represents a recovery rate of 75 percent.

To learn more about the causes that propelled NagaCorp into this performance, read the original article by Viviana Chan for Asia Gaming Brief here: https://agbrief.com/news/cambodia/20/07/2023/cambodia-operator-nagacorp-net-profit-up-57-percent-in-1h23-to-83-million/