• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 3 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

VIP recovery drives NagaCorp to US$178 million net profit in 2023

Ben Blaschke by Ben Blaschke
Tue 20 Feb 2024 at 03:58
NagaCorp confirms full gaming operations now up and running at NagaWorld

NagaWorld

48
SHARES
1.2k
VIEWS
Print Friendly, PDF & Email

NagaCorp, the Hong Kong-listed operator of NagaWorld in the Cambodian capital of Phnom Penh, has reported a 65.7% year-on-year increase in net profit to US$177.7 million, and a 20.3% increase in EBITDA to US$295.3 million, in 2023, aided by growth across all of its gaming segments.

According to details filed overnight, NagaWorld generated gross gaming revenues of US$514.8 million last year, up 15.5% on 2022 GGR, with the company citing “higher revenues across all business segments, positive operating leverage and lower finance cost incurred.”

It also noted that the group’s total cash and bank balances have increased from US$175.2 million as of 31 December 2022 to US$367.6 million as of 31 December 2023. As previously reported by Inside Asian Gaming, NagaCorp is facing repayment of US$472 million in outstanding bonds when they mature in July of this year, with analysts having stated the bonds represent a significant credit risk.

Nevertheless, NagaCorp said overnight that its business is rapidly approaching pre-COVID levels, led by its direct or “Premium” VIP segment which saw average daily rollings grow by 46.5% year-on-year to US$11.7 million in 2023, including a 24.2% sequential increase to US$13.5 million in the December quarter.

“The Premium VIP market continued to be the best performing segment and the average daily rollings in 4Q23 exceeded the average business volumes recorded in FY19,” the company explained.

“The continuing return of business-related travellers (with longer repeated stays and higher spending power) to Cambodia contributed to the growth of this segment as substantiated by the increase in average rollings per Premium VIP player of about 38.3% in FY23 as compared to the previous year.”

Daily mass market volumes increased by 7.2% year-on-year to US$9.9 million in 2023, and by 2.7% sequentially in Q4 to US$10.1 million, to reach 82.3% of 2019 levels, supported by an increase in visitation to the property.

Meanwhile, daily Referral VIP rollings grew by 52.3% year-on-year to US$5.2 million and by 50.5% to US$6.2 million in Q4, with NagaCorp noting an “increasing headcount of Referral VIP customers from broader diversified geographical locations, especially from neighboring countries such as Thailand, Malaysia and Singapore.”

However, it added that Premium VIP and mass gaming accounted for 94% of gross profit for the year.

RelatedPosts

Inside Thai IRs

Thailand to postpone parliamentary debate on casino bill

Tue 8 Apr 2025 at 18:57
Philippines casino GGR up 630% quarter-on-quarter in 3Q20

PAGCOR: Manila’s Entertainment City casinos suffered combined 5.7% GGR decline in FY24

Tue 8 Apr 2025 at 13:55
NagaWorld

GGR at Cambodia’s NagaWorld up 17.7% to US$171 million in 1Q25

Tue 8 Apr 2025 at 06:29
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Macquarie: Arrest of Macau casino hosts could impact Macau mass and premium mass markets in coming months

Tue 8 Apr 2025 at 06:12
Load More
Tags: CambodiacasinoGaminggross gaming revenueMass marketNagaCorpNagaWorldprofitVIP
Share19Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English