Cambodia’s NagaWorld reports GGR of US$117 million in Q1 as mass, direct VIP volumes near pre-COVID levels

Hong Kong-listed NagaCorp said in a Monday filing that gross gaming revenues at its Cambodian integrated resort, NagaWorld, reached US$117 million in the three months to 31 December 2023, representing a 6.8% improvement over the same period last year.

But it could have been higher if not for bad luck playing its part in both the mass market and Premium VIP segments. Adjusted EBITDA of US$59 million was also flat year-on-year as a result of NagaWorld playing unlucky.

According to the company’s 1Q23 results summary, average daily mass market volumes have now reached 81% of pre-COVID levels, with average daily table buy-ins and EGM bill-ins of US$9.77 million representing a 16.8% year-on-year and 2.4% sequential improvement. This was also the highest quarterly volume since the first quarter of 2020, however segment GGR of US$76.6 million was 3.9% lower year-on-year due to the mass table games win rate falling from 19.6% to 16.8%.

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