Logo of Phnom Penh Post newspaper Phnom Penh Post - NagaWorld reports $1.29B in Q3 gross gaming revenue

NagaWorld reports $1.29B in Q3 gross gaming revenue

Content image - Phnom Penh Post
Traffic passes in front of NagaWorld hotel and casino complex in Phnom Penh. Post Pix

NagaWorld reports $1.29B in Q3 gross gaming revenue

Nagaworld, which holds an exclusive licence to operate in Phnom Penh, reported a 20 per cent year-on-year gain in gross gaming revenue (GGR) of nearly $1.29 billion in the first nine months of this year, according to GGRAsia. 

GGRAsia, which is an online newsletter that covers the Asian sector of the casino industry, cites a report filed by the company to the Hong Kong Stock Exchange last week.

The report shows that NagaCorp recorded net gaming revenue of $616.3 million for the nine months ended on September 30, up 28.5 per cent year-on-year.

“The financial results for the nine months ended September 30, 2019, show that the group continues its journey of growth,” the report said.

The company said its mass-market table buy-ins climbed 37.9 per cent to $1.22 billion during the period, while the bills-in tally for its electronic gaming machines gained 27.9 per cent to $2.05 billion.

In the VIP table games segment, its rolling chip turnover was up by 35.3 per cent to almost $33.87 billion.

“The increase in VIP business volume was driven by the continued influx of business visitation, tourists and increased footfall to NagaWorld Complex, in particular, Naga 2 where there has been customer demand for higher table limits,” the company said.

The firm cited political stability in Cambodia, an improving operating environment, business growth at Naga 2 – a massive $369 million hotel and gaming extension to NagaWorld – tourism and the expansion of its VIP gaming business among the reasons for its results for the first nine months of this year.

China provides the bulk of the Kingdom’s tourist arrivals as mainland gamblers are widely viewed as the Asia-Pacific region’s most lucrative clients. NagaCorp said there were more than 1.5 million arrivals from China up to the end of July.

The Naga 3 project, which is located on the site of the former ‘White Building’, has started soil tests and the selection of suitably qualified regional piling contractors, which shall be appointed soon, the company said.

“Duration of the piling works is expected to last between 18 to 24 months,” it said.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro