Hong Kong-listed NagaCorp has credited the impressive growth of the mass market segment at its Cambodian integrated resort NagaWorld for substantial improvement in both its gross gaming revenues (GGR) and profitability in the first six months of 2025.
NagaWorld booked GGR of US$332.3 million in H1, up 17.2% year-on-year thanks to a 20.9% improvement in mass market GGR to US$232.1 million. VIP GGR grew by 9.6%to US$100.2 million.
In its results announcement, the company revealed a 24.0% year-on-year increase in mass market table games revenue – aided by a higher win-rate of 22.9% versus 20.3% a year earlier.
“Our premium mass tables high-limit areas continue to attract high-value patrons, significantly enhancing table yield and contributing to a notable shift in customer mix,” NagaCorp said.
“Premium Mass revenue represents 37.4% of total Mass Market Tables GGR – up from 33.9% in the financial year ended 31 December 2024. Furthermore, the strategic rollout of higher-margin side bet games has consistently elevated win rates over the past 12 months, exceeding pre-implementation benchmarks.”
With side bets aiding growth, NagaCorp added that average daily GGR of mass tables had already surpassed the daily average they were achieving in 2019.
Mass market EGMs grew at a more subdued but still healthy 12.9% year-on-year – helping the combined mass market segment contribute 67.9% of the group’s total revenue during the period.
NagaWorld’s premium VIP market saw average daily rollings surge by 89.0% year-on-year to US$18.8 million, representing a recovery rate of 156.2% compared to 2019 level and fueled by the return of high-value business travellers to Cambodia
“While the Referral VIP Market also grew by 36.3% and 1.9% in business volumes and revenue respectively, the Premium VIP Market remains our core growth engine in the VIP space, demonstrating significant scalability as international travel normalises,” the company explained.
With revenue and margins improving, NagaCorp reported Adjusted EBITDA of US$200.3 million in 1H25, up 38.5% year-on-year, with net profit rising by 68.8% to US$148.8 million.
The company has declared an interim dividend of US$0.01 per share.
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