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Spending in NagaCorp casino drops

Spending in NagaCorp casino drops

Spending in NagaCorp’s casino has dropped by about 4.4 per cent in the first quarter of the year compared with the same period last year.

Some $1.17 billion was gambled in the casino from January to March this year, said a company quarterly report released last month. The bulk came from junkets and VIP gamblers, who doled out $832.7 million, an 11 per cent drop from the corresponding period last year.

The report did not give a reason for the drop. However, it noted “the management of the Company has already implemented plans to increase business volume [in the junket VIP segment]”.

According to an analysis by Hong Kong-based research firm China Everbright Research, “the sharp decrease was mainly due to the four-day long funeral of Cambodia’s late King Norodom Sihanouk in February”.

Meanwhile, spending at NagaCorp’s mass gaming areas hit $341.7 million, a 16 per cent increase. This growth could be attributed to the rise in tourism in Cambodia, NagaCorp’s report said.

The figures do not represent the company’s revenue, as the winnings paid out to gamblers have not been taken into account. In 2012, NagaCorp’s casino raked in $278.8 million in revenue.