NagaCorp Ltd, the Cambodian casino resort operator, reported a 38.3 percent decline in net profit for 2024, despite a 5.5 percent increase in group revenue. The firm’s annual net profit stood at $109.6 million (€101.4 million), down from $177.7 million (€164.5 million) in 2023.
The Group’s overall casino revenue saw a notable increase in the first six months of 2024, despite challenges in the Premium VIP Market. According to the latest financial report, total revenue rose by 11.3 percent year-on-year (YoY), reaching $292.8 million (€270.4 million), up from $263.0 million (€242.9 million) in the same period of 2023.
Revenue from casino operations, including gaming tables and electronic gaming machines, climbed to $283.4 million (€261.7 million), marking a 12.3 percent rise compared to the previous year. Additionally, gaming tax increased from $15.1 million (€13.9 million) in early 2023 to $17.3 million (€16.0 million) in early 2024.
VIP casino market declines by 12 percent
The Premium VIP Market experienced a 12 percent decline in rollings, dropping to $1.8 billion (€1.66 billion) in the first half of 2024 from $2.0 billion (€1.85 billion) the previous year.
However, the win rate improved from 3.7 percent to 4.0 percent, limiting the revenue decline to 4.1 percent. The segment generated $60.3 million (€55.7 million) in early 2024, compared to $62.9 million (€58.1 million) in the same period of 2023.
Despite the fall in rollings, the average rollings per Premium VIP player increased by 11.6 percent, suggesting higher spending per player. The market’s recovery was attributed to the return of business travellers to Cambodia, with many former Referral VIP players transitioning into Premium VIP players.
Notably, daily rollings in early 2024 recovered to 82.6 percent of pre-pandemic levels (2019). The Premium VIP Market contributed 20 percent to both total revenue and gross profit.
Gaming tables remain key growth engine
The Mass Market, comprising Public Floor Tables and Electronic Gaming Machines, was the primary driver of growth, with revenue surging 17.9 percent to $192.0 million (€177.3 million). Public Floor Table revenue soared by 33 percent, while revenue from Electronic Gaming Machines declined by 5 percent.
Meanwhile, the Referral VIP Market recorded a 17.6 percent increase, generating $31.1 million (€28.7 million) compared to $26.5 million (€24.5 million) in early 2023. This growth was supported by an improved win rate, despite softer rollings.
Aims for 2025
Together, the Mass Market and Premium VIP Market accounted for 89 percent of total gross gaming revenue and 93.4 percent of the Group’s gross profit.
Looking ahead, NagaCorp remains optimistic about sustained growth in 2025, driven by a continued recovery in mass gaming and evolving player trends. The company anticipates further expansion in the Mass Market and Referral VIP segments, capitalising on increased footfall from international business travellers and tourism recovery in Cambodia.
Additionally, strategic investments in gaming technology and enhanced customer engagement initiatives are expected to bolster revenue streams.
