NagaCorp, the operator of Cambodia’s only integrated resort NagaWorld in Phnom Penh, has reported a 56.0% increase in net profit to US$309.9 million in 2025 – driven by strong revenue growth across all gaming segments.
The group also noted an EBITDA margin of 57.0%, expanded from 51.9% a year earlier. EBITDA of US$404.9 million was up 38.5% year-on-year on a 27.4% increase in gross gaming revenue to US$691.6 million.
Releasing its FY25 financial results, NagaCorp said its gains were not only due to sustained volume growth but also by the group’s strategic focus on growing and optimizing player experiences and services in the mass market segment, including the introduction of higher-margin products such as side bets.
The mass market segment, which contributed 68.3% of total revenue during the year, included 27.2% year-on-year revenue growth in table games to US$342.4 million and a 13.5% improvement in electronic gaming machines to US$142.6 million.
“The strategic rollout of higher-margin side bet games has led to elevated win rates over the past 12 months,” the company explained. “The higher win rate alone contributed approximately US$39 million in incremental revenue during the year.”
NagaWorld’s premium mass high-limit tables also showed strong growth and, combined with main floor tables, helped ensure that average daily GGR from mass market tables has now surpassed the average daily GGR achieved pre-pandemic.
The premium VIP market – NagaWorld’s direct VIP segment – delivered a 52.0% year-on-year improvement in daily rollings to US$15.1 million, resulting in a 32.1% increase in GGR in 2025 to US$136.2 million. This, the company explained, fueled by the increased influx of higher-value business travelers into Cambodia and higher gaming spend among its premium VIP clientele.
Referral VIP also delivered solid growth, with rollings up 17.2% and revenue by 57.2% to US$70.4 million.
While NagaCorp has postponed until 2029 the development of its planned Naga 3 expansion initiative, it added, “Beyond gaming, the Group has also intensified initiatives to upgrade and optimize the existing NagaWorld property to maintain its competitiveness and appeal to regional customers.
“These initiatives – including enhancements to hospitality offerings, dining, entertainment amenities and service qualities – have contributed to driving higher property visitation and further support the Group’s financial performance.”
RelatedPosts
