NagaCorp discloses holding sufficient funds for full repayment of 2024 Notes

According to NagaCorp, the operator of the casino in Cambodia, it has $404 million in a bank account, which, given its current rate and speed of cash generation, it feels is sufficient to repay the 2024 Notes in full. The disclosure of this information on the Hong Kong Exchange was voluntary.

The group’s unaudited cash and bank balances as of October 17th, totaling $324 million, are included in the $404 million total along with a $80 million loan.

Moody’s reports that although NagaCorp’s profit recovery has lagged behind expectations, the company’s earnings could rebound in the next year because to the annual peaks in Cambodian tourist arrivals that occur in the first and fourth quarters.

Additionally, Moody’s cautioned that NagaCorp’s liquidity would be impacted by a postponed recovery. Earlier this month, NagaCorp obtained a $80 million loan at an annual interest rate of 8% from ChenLipKeong Capital Ltd, a privately held company based in the Cayman Islands.

NagaCorp is the operator of NagaWorld, a monopolistic casino resort located in the capital of Cambodia, Phnom Penh.

Original story by: Asia Gaming Brief