NagaCorp’s quarterly gaming revenue up 17.7%
Cambodian casino resort operator NagaCorp has reported a 17.7 percent increase in quarterly gross gaming revenue (GGR). The company has registered a GGR of $171 million for the first quarter of 2025.
For the quarter, net gaming revenue amounted to $148 million, reflecting a 20.6 percent growth compared to the same quarter in 2024. In the company filing on the Hong Kong Stock Exchange (HKEX) the Mass Market segment saw a 4.8 percent year-on-year increase in total wagers on both gaming tables and electronic gaming machines. This segment now totals $997 million in wagers. Gaming revenue in the Mass Market segment experienced a growth of 17.9 percent, reaching $109 million.
In addition, NagaCorp’s high-end VIP market also demonstrated remarkable performance for the quarter. The turnover in this segment skyrocketed to $2.01 billion, marking a 72.6 percent year-on-year increase. In this segment, the gaming revenue jumped by 20.6 percent to reach $42.86 million. In the Referred VIP market, turnover increased by 41.3 percent year-on-year to hit $496 million. Whereas GGR increased by 11 percent to reach $19.28 million.
Yearly figures
The update came just weeks after the operator released its yearly figures, reporting a 38.3 percent decline in net profit for 2024. This was despite a 5.5 percent increase in group revenue. The firm’s annual net profit stood at $109.6 million, down from $177.7 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.
Aims for 2025
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.
