Cambodia’s NagaWorld casino is facing questions over the viability of its multibillion dollar expansion in Phnom Penh as China cracks down on junket operators and curbs the flow of Chinese high rollers to Southeast Asia.
Hong Kong-listed NagaCorp, the parent company of Cambodia’s largest casino, NagaWorld, posted a 74% drop in gross gaming revenue last year, swinging to a net loss of $147 million, compared with a net profit of $102 million in 2020, according to annual earnings released this week.
Attributing the results to the six and a half months it remained “voluntarily” closed after a COVID outbreak at the site, the company sought to paint an optimistic picture of future growth. In its statement, NagaCorp pointed to a quick rebound in revenue from mass-market gamblers following the casino’s reopening in September and cited its decision to cut costs by shedding more than 1,000 employees — a move that has led to industrial action by the casino’s union.
