NagaCorp has revealed that gaming volume at its Phnom Penh integrated resort, NagaWorld, in August recovered to almost the same levels as before the property’s three-month closure due to COVID-19.
The Hong Kong-listed firm revealed a profit of US$20.6 million during the first six months of 2020, with Adjusted EBITDA of US$88.7 million. NagaWorld closed its doors in April before reopening on 8 July.
Despite ongoing travel restrictions, NagaCorp said its IR has experienced strong recovery through August with average daily VIP roll reaching 98% of pre-closure (1Q20) levels at US$104.0 million. Main gaming floor table buy-ins have reached 90% at US$3.4 million and EGM buy-ins 93% at US$5.1 million.
“From the date of reopening until the date of this announcement, the Group has recorded a steady increase in its gaming business volumes contributed by the patronage of mainly Chinese expatriates who have been currently living or conducting business activities in Cambodia and who are waiting to patronize our casino after 90 days of lockdown,” NagaCorp said.
“In 2019, Cambodia reported that international business-related travel into Cambodia increased by 100% to 1,371,363 visitors, whereby 76% of such travel originated from China. Being the only integrated resort in the city of Phnom Penh also helped to drive the operational performance of the Group despite most cross border travel policy in the Asian region remaining restrictive.”
NagaCorp said that VIP rolling is up 57% and main floor buy-ins by 44% from July to August.
For the full six month period, gross gaming revenue fell 57.4% to US$372 million, with VIP GGR down 58.3% to US$270.9 million and mass table GGR by 53.2% to US$68.4 million.
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