NagaCorp, operator of the NagaCorp integrated resort in Phnom Penh, has pointed to negative perception around Cambodia due to its association with online scam activities, rising fuel prices and an overall decrease in direct international flights to Cambodia for a 3.2% year-on-year decline in net profit to US$144 million in 1H26.
The company also reported a 2.4% fall in Adjusted EBITDA to US$195.4 million on an 8.6% drop in gross gaming revenue to US$303.7 million.
Releasing its interim financial results for the six months to 30 June 2026, NagaCorp noted that challenges were exclusively felt in the VIP gaming segment, where premium VIP rollings plummeted by 50.2% to US$1.69 billion and premium VIP GGR by 21.4% to US$53.9 million. Referral VIP rollings also fell by 67.6% to US$361.6 million and Referral VIP GGR by 63.9% to US$11.5 million.
The company said its operating environment had faced several external headwinds in 1H26, including “negative international perceptions associated with online scam activities in Cambodia, which have lingered and impacted the country’s reputation as a safe travel destination, higher airfares resulting from rising jet fuel prices, which have increased the cost of travel to the region; and an overall decrease in the number of international direct flights to Cambodia as a result of geopolitical tensions affecting international air travel.”
It added, “The VIP Market, which is primarily dependent on cross-border business, premium leisure travelers and high-net-worth customers, was particularly affected because demand from these customers is more vulnerable to economic fluctuations and travel disruptions.”
By contrast, NagaWorld booked a 6.2% year-on-year increase in mass market volumes across tables and slots, with mass table GGR up 2.8% year-on-year to US$166.4 million and EGM GGR up 2.6% to US$71.9 million.
This was despite a “moderation in business momentum: during the second quarter of 2026, believed to be primarily attributable to the FIFA World Cup which diverted customer attention and visitation away from the gaming floors.
NagaCorp has declared an interim dividend of US$0.98 per share, representing a payout ratio of 30% of net profit for the period. The company had declared a dividend of US$1.01 per share in 1H25.
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