NagaWORLD posted a 181 percent year-on-year increase in its gross gaming revenue during the first quarter of this year, continuing the hot streak of Phnom Penh’s only licensed casino.
NagaWorld’s parent company NagaCorp posted a first-quarter revenue of $243.2 million, according to financial documents released by the company. VIP bets also grew to $5.64 billion during the first three months of 2018, up from $3.73 billion during the first three months of last year.
The company attributed the growth to the continued success of Naga2, which opened in October and has since attracted a steady stream of VIP gamblers. Last year, the casino posted an 85 percent increase in gross gaming revenue over the year before, and VIPs gambled more money at the casino in 2017 – $21.1 billion – than Cambodia’s total GDP in 2016.
Meanwhile, the company benefits from a tax scheme that saw them pay $8.12 million in income tax on $255.2 million in profit last year – well below regional casino tax rates.