Hong Kong-listed NagaCorp runs Cambodia’s largest hotel-casino, NagaWorld. It is one of the most profitable gaming companies and the largest in the Mekong region. When it listed in Hong Kong in 2006 it became the first gaming IPO on the city’s exchange, and the first foreign-owned company with operations in Cambodia to list overseas.
But this is a business vulnerable to the effects of Covid-19 and when lockdown reached Cambodia, operations shut down completely, Lili Huang, the company’s vice president of IR in Europe, tells IR Magazine.
‘Our casino operations, the largest part of the group, were suspended on April 2 by order of the Cambodian government,’ she explains. But the decision was only announced on March 30. ‘We had two days to prepare for the temporary closure, which was a task given that most of our 9,000 staff were in the gaming operations and the facilities that supported gaming such as food and beverage outlets.’ NagaCorp announced the closure along with its Q1 results on April 1.