Mass gaming at Cambodia’s NagaWorld lifts NagaCorp to 57% year-on-year profit increase in 2Q23

Hong Kong-listed NagaCorp reported a 57.4% year-on-year increase in net profit to US$83 million in the three months to 30 June 2023, which it attributes to “continued tourism recovery in Cambodia from ASEAN and the gradual return of business travellers from China, driving increased footfall to [Cambodian integrated resort] NagaWorld.”

Releasing its 2Q23 financial results overnight, NagaCorp said that gross gaming revenues climbed by 7.9% to US$252.3 million with EBITDA up by 10.1% to US$143.2 million.

The recovery was largely mass market led, with mass table GGR reaching US$98 million and EGM GGR reaching US$64.9 million. By comparison, Premium VIP GGR was US$62.9 million and Referral VIP US$26.5 million.

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