NagaWorld’s push to attract Chinese gamblers appears to be paying off as gross gaming revenue increased 26 percent during the first nine months, according to NagaCorp data filed to the Hong Kong stock exchange last week.
The filing said that gross gaming revenue reached $271.86 million up from $215.93 the year before, driven by a 25 percent increase in junket and VIP rollings.
In the third quarter, gaming revenue was up 23 percent, according to data published by analysts at Credit Suisse in a report released Monday.
This robust growth “suggests solid execution of Chinese-focused strategy” following the signing of two new Macau junkets, the report said.
As revenues in Macau suffer amid efforts by China to curb money laundering and lavish spending among the elite, NagaWorld is poised to benefit, the Credit Suisse report added.
“We observed junkets in Macau are extending their footprints to overseas markets, some VIP players avoid visiting Macau under the sensitive political environment in China, and the new transit rule increases the inconvenience to visit Macau,” the report said.
“Together with the increasing popularity of Cambodia as a travel destination among the Chinese…, NagaCorp is set to benefit from the spill-over of Chinese players from Macau, in our view.”
