NagaCorp Ltd has reported a huge jump in VIP play at its Cambodian home during the first three months of 2017 with VIP roll up 34% year-on-year.
According to the company’s voluntary and unaudited filing to the Hong Kong Stock Exchange this week, VIP volume reached US$3.73 billion for the period to 31 March, up from US$2.79 billion during the same period last year.
Mass market drop was also up 13% from US$149.9 million to US$169.4 million.
Union gaming analyst Grant Govertsen said that VIP volumes, which were the highest ever recorded at the property in any three month period, were a promising sign ahead of Naga2’s launch.
“Ultimately, we believe the VIP volume reported in 1Q17 significantly exceeded consensus, which was likely expecting a decline in VIP volume on a year-to-year basis owing not only to the tough comp, but the fact that the rolling back of junket incentives would impair total volumes,” he said.
“In addition, the departure of Macau’s Jimei junket at the end of January clearly didn’t impact volumes. Finally, seeing VIP volumes growing nicely at the capacity-constrained NagaWorld casino gives us a higher degree of confidence in Naga2, which should open later this year.”
