NagaCorp turns over $20+ Million profit in first half of 2020

NagaCorp, who own and operate the NagaWorld complexes in Phnom Penh, has revealed a profit of US$20.6 million during the first six months of 2020. In addition, reports suggest they are looking to expand into Sihanoukville and Siem Reap.

NagaCorp records profit in 2020

NagaCorp reported that the gaming volume in August 2020 at its Phnom Penh integrated resort, NagaWorld, was at similar levels as before the property’s three-month closure due to COVID-19. NagaWorld was shut in April, like all Cambodian-based casinos- before reopening on 8 July 2020. NagaCorp said, "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." From January-June 2020 NagaCorp recorded the following financial results:

• Gross gaming revenue (GGR) fell 57.4% to US$372 million.
• VIP GGR decreased by 58.3% to US$270.9 million.
• Mass table GGR fell by 53.2% to US$68.4 million.

NagaWorld Integrated Resorts (IR)

NagaCorp Ltd also announced it was interested in “IR” development in Siem Reap and Sihanoukville. Integrated resorts are "commonly used in the gaming industry to describe a large-scale complex featuring a casino as well as tourism and conference facilities. The term is sometimes also used to describe a resort with the latter features, but no casino" reports GGR Asia. NagaCorp said “It is the intention of the group to be perceived as a more comprehensive and quality integrated resort developer with emphasis also on non-gaming as a source of revenue. We anticipate that the non-gaming and gaming IR will co-exist with each other in a mutually beneficial manner.” NagaCorp has been developing a casino resort at the Primorye Integrated Entertainment Zone, near Vladivostok. They aim to “commence operations by 2022.” The company is also expanding its NagaWorld complex with Naga 3, which has a US$3.52-billion cost. NagaWorld has a Phnom Penh casino monopoly that extends to a 200km radius from the capital of Cambodia.