NagaCorp Taps Shareholder Loan to Address Maturing Notes

The massive casino chain NagaCorp, which is listed in Hong Kong, is almost done with a $80 million loan from a family trust that its late founder Chen Lip Keong established.

Due in October 2023, the loan is meant to help NagaCorp meet a crucial obligation: $472.2 million in outstanding notes that mature in July.

It also aims to help with existing debt restructuring. Notably, there are no collateral or guarantees attached to the loan.

With its NagaWorld complex, NagaCorp dominates the Phnom Penh casino sector and is well-positioned to meet its financial obligations.

With gross gaming revenue up 23.7% year over year to more than $145 million in the first quarter, the company reported a healthy cash cushion of $414.3 million as of March 2024.

This move comes after NagaCorp recently changed its leadership. Son of the founders Chen Cherchi left his position as CEO and all other management positions in May 2024.

Original Story by: Asian Gaming Brief