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Logo of Phnom Penh Post newspaper Phnom Penh Post - NagaWorld sees revenue jump 42% in first half

NagaWorld sees revenue jump 42% in first half

Cambodia’s largest casino NagaWorld’s gross gaming revenue (GGR) grew for the first semester this year by 42 per cent to $255.4 million, compared to the $180.3 million reported for the same period in 2014.

According to its unaudited semi-annual report released yesterday, the largest increase was in mass-market revenue from its gaming machines which climbed to $91.9 million, some 123 per cent higher than it was in the first half of 2014.

This increase, however, takes in to account a $40 million deal agreed to by NagaWorld in May with investors to operate a new gaming area with up to 300 machines at the casino.

On its public floor tables, revenue was up 5.2 per cent to $10 million.

Revenue from high rollers too was on the rise. VIPs brought in $107.5 million, an increase of 25 per cent.

“The positive results were attributable to the increase in business volume from all segments of the gaming business,” NagaWorld said in the report.

The casino, however, saw non-gaming revenue drop 6.1 per cent, on account of lower room rates and deflated rental income from luxury boutiques.

Vietnamese gamblers continued to dominate the casino floor, registering 21 per cent of visitors, followed by the Chinese and South Koreans, with the three making up nearly half of all arrivals to NagaWorld.

NagaWorld’s increase in customer traffic is buoyed by the gambling restrictions in place in countries like Thailand and Vietnam, said Lorien Pilling, director at Global Betting and Gaming Consultants in the UK.

“The obvious example is Macau, where the Chinese government has put in measures that discourage people from wanting to be seen gambling,” he said.

He said however, that if policies were changed in Macau – allowing more people to gamble freely – then many VIPs will return to casinos in Macau, which could lead to a slowdown at Cambodia’s largest casino.

“NagaWorld needs to do all it can to retain the VIPs it has attracted,” Pilling said.

“It is all about customer service; provide everything the VIPs want.”

As at the in of June, NagaWorld has 1,600 electronic gaming machines and 262 gaming tables, according to the latest statement.

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