NagaCorp casino profit up one-third in 2019 on VIP, mass gains

Cambodian casino operator NagaCorp saw its 2019 profits jump by one-third but warned that the coronavirus could negatively impact its 2020 performance.

Figures released Monday show NagaCorp’s gross gaming revenue hit $1.75b in 2019, a one-fifth improvement over 2018’s results. Operating profit was up 36.5% to $571.8m while after-tax profit rose 33.4% to a record $521.3m.

NagaCorp, which operates Cambodia’s only major integrated resort casino NagaWorld in the capital Phnom Penh, performed strongly last year across all gaming verticals. VIP gambling turnover rose 31% to $46.6b, while VIP revenue rose 16% to $1.24b as win rate slipped to 2.7% from 3% in 2018.

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