NagaCorp recorded a net profit of US$102.3million during 2020, in a year many struggled due to the pandemic
The Cambodian government is seeking to establish a travel bubble with China, Japan and South Korea, allowing residents to travel freely between the financial hubs as long as they test negative for the coronavirus, allowing travelers of all kinds to bypass quarantine.
Union Gaming says implementing the travel bubble will boost international tourism and further aid NagaCorp’s recovery.
According to NagaCorp’s most recent financial filing for the full year of 2020 posted this week, it managed a net profit of US$102.3 million in a year that most other firms recorded losses due to the pandemic. This was despite a three-month lockdown and international borders closed for travelers.
NagaCorp recorded a Gross Gaming Revenue of US$896.6million in 2020. This was broken down as follows:
- Mass market tables – $174.3million
- Mass market EGM – $82.4million
- VIP market – $613million
Meanwhile, hotel and entertainment recorded revenues of $14.8million.
Analyst John DeCree, commented on the results:
“The large expat community in Phnom Penh continues to be the key customer demographic in the recovery, though there have been some improvements in international play mostly from business travelers, with about 40 direct international flights now arriving in Cambodia”
DeCree says this may slow the ramp up to normality, however, he doesn’t expect a multi-month shutdown like last year and said, “Like the previous reopening, we suspect pent-up demand will return quickly when operations resume,”
NagaCorp also used its financial statement to tout Cambodia’s overall performance in the pandemic era,
“The number of COVID-19 cases in Cambodia is relatively well contained and those efforts have won positive response.”
Cambodia has had a positive track record in controlling the pandemic with 1,225 cases and 1 reported deaths. This latest outbreak is the worst to date, accounting for about 613 of the total, which stems from four Chinese nationals who escaped quarantine in a hotel.
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