NagaCorp, operator of the NagaCorp integrated resort in Phnom Penh, Cambodia, has reported gross gaming revenue of US$417.9 million for the nine months to 30 September 2026, representing a 21.5% year-on-year decline due to a significant drop-off in its VIP gaming segments.
While the company has not provided separate figures for the third quarter, previously released data suggests that Q3 was down around 43% year-on-year to US$114.2 million.
According to a Friday filing with the Hong Kong Stock Exchange, the 9M26 result included a 40.1% year-on-year decline in Premium VIP Market (direct) GGR to US$103.4 million on a 55.4% drop in rollings to US$2.09 billion.
Referral VIP revenue was also down 72.5% to US$15.9 million on a 75.6% decline in rollings to US$500.3 million.
Comparing those figures to previous data suggests that Premium VIP Market GGR fell by around 71% in Q3, with Referral VIP down 83%.
Conversely, mass market revenues held somewhat solid in the first nine months of the year with mass table GGR down 10.0% year-on-year to US$232.7 million on a 12.9% drop in buy-ins to US$981.7 million, while machine GGR fell 2.5% year-on-year to US$103.4 million. Machine buy-ins were actually 9.7% higher compared with the same period in 2025 at US$2.37 billion, although comparisons again show a steep drop-off in the September 2026 quarter where mass table GGR was down around 30% year-on-year and machine GGR down around 10%.
NagaCorp did not explain the reasons for the lower revenues, however in its previous interim results release the company said the operating environment had faced several external headwinds, 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.”
On the VIP market specifically, NagaCorp had stated this was particularly affected because demand from cross-border business, premium leisure travelers and high-net-worth customers is more vulnerable to economic fluctuations and travel disruptions.
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