Cambodia’s business volumes are showing a rapid recovery
Hong Kong-listed NagaCorp was one of the only operators for land-based casinos that still managed to make a profit in the first half of 2020. Although they had to shut down in March, the Casino complex in Phnom Penh Cambodia brought its 20.6 million USD profit in H1. GGR came in at US$372 million, more than 72 percent of it deriving from the VIP segment which is a major revenue booster for NagaCorp. The company’s cash and deposits were said to be US$286 million as of June 30.
A statement from the company said, “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 patronise our casino after ninety days of lockdown.”
The statement also noted that the firm’s gaming and resort development project in Vladivostok, Russia, “remains broadly on track to commence operation by 2022.”
Additionally, NagaCorp is exploring “IR” developments in the areas of Siem Reap and Sihanoukville in Cambodia, to complement its casino complex Nagaworld in Phnom Penh.
“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,” stated the company.
It added: “We anticipate that the non-gaming and gaming IR will co-exist with each other in a mutually beneficial manner.”
Siem Reap is near Cambodia’s UNESCO World Heritage site Angkor Wat, which prior to the pandemic was a popular attraction for foreign tourists but is currently completely empty.
The coastal city of Sihanoukville has grown rapidly in recent years, spurred significantly by Chinese investment in real estate projects, most of them linked to gaming that have completely transformed the once beautiful city into a big construction site.
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