Brokerage Morgan Stanley Asia Ltd says it is “likely” that casino developer and operator NagaCorp Ltd will have to refinance its 2024 bonds, given the expected pace of recovery in Cambodia’s gaming market.
Hong Kong-listed NagaCorp has a long-life monopoly casino licence for the Cambodian capital, Phnom Penh, where it operates its NagaWorld resort complex.
The casino firm reported earlier this month earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$245.4 million for full-year 2022, compared to US$15.6 million in the previous year. NagaCorp’s gross gaming revenue grew by 99.5 percent year-on-year, to US$445.9 million.
In full: https://www.ggrasia.com/refinancing-for-nagacorps-2024-bonds-likely-brokerage/